Research >> MCBOSS CAPITAL >> US stock market news today - 2021 November >> Weak job numbers sent the stock market tumbling - December 3, 2021

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Weak job numbers sent the stock market tumbling - December 3, 2021

December 04, 2021
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market update

What happen to the market today?

Weak job numbers sent the stock market tumbling on Friday. The market conditions have deteriorate significantly.

Although 2021 has been the year to buy on the dip, and analysts are also advising the same tone, it may be wisely to caution that there may be a fundamental change as market indices and stocks are showing more selling than buying on the dip.

There are still macro issues with the Omicron variant clouding over the future of economic recovery and how this can also impact further supplies constraint and hence can lead to higher inflation.

The market suffers heavy losses this week once again with small cap Russell 2000 taking the most beating.

Index	Nov. 29 - Dec. 3
Nasdaq	-2.62%
S&P 500	-1.22%
Dow Jones	-0.91%
Russell 2000	-3.86%

What is the current support level?

Nasdaq broke below its 50 days moving average. The next level of support is at its 200 days moving average. Hopefully, it won't get there, but look for support near that level if it gets there.

S&P 500 fell below its 50 days moving average and is trying to find support near the 4500 level.

Dow Jones Industrial Average undercuts its 200 days moving average and now sits slightly above it. Look for support at this level.

Russell 2000 is perhaps the weakest index as it is now further below its 200 days moving average. This is not a good sign.

NASDAQ - below its 50 days moving average line near 15200; current at 15085
S&P 500 - below its 50 days moving average line near 4500; current at 4538
DJIA - below its 50 days moving average line near 35200; current at 34580
RUSSELL 2000 - below its 50 days moving average line near 2300; current at 2143

Psychological levels

Nasdaq is above 15000.
S&P 500 is now below 4600.
Dow Jones Industrial Average is now below 35000.
Small cap Russell 2000 is now below 2200.

Stock market breadth - Accumulation/Distribution for this week:

#industry groups 12 vs 133

#stocks 96 vs 834

The stock market breadth has continue to deteriorate significantly in the last week.

Check out our course How to measure or calculate stock market breadth.

Which industry groups show strength?

There is almost no industry group under accumulation, but there are lots of distribution as shown in the next section.

Sector	Industry	Sub-group	#	Stocks
Financial	Capital Goods	Homebuilding	9	CCS, DHI, GRBK, HOV, LEN, LGIH, NVR, TOL, TPH

Which industry groups from recent strength show weakness today?

Many industry groups are below its 50 days moving average, which is a bad sign for the market.

Relative strength drops by 1%
Technology	Consumer Services	Television Services	-2	CCOI, DISH

Relative strength drops by 9%
Technology	Consumer Durables	Telecommunications Equipment	-2	CLFD, LITE

Below 50 days moving average
Retail	Consumer Non-Durables	Shoe Manufacturing	3	DECK, SHOO, WWW

Below 50 days moving average
Retail	Capital Goods	Auto Parts:O.E.M. (Parts)	2	DORM, XPEL

Below 50 days moving average
Retail	Consumer Durables	Automotive Aftermarket	2	GT, TWI

Relative strength drops by 1%
Retail	Capital Goods	Auto Manufacturing	-6	F, KNDI, LCID, LI, NIO, XPEV

Below 50 days moving average
Retail	Consumer Non-Durables	Packaged Foods	-3	ADM, ANDE, INGR

Below 50 days moving average
Retail	Consumer Services	Newspapers/Magazines	2	NWS, NWSA

Relative strength drops by 5%
Retail	Consumer Services	Clothing/Shoe/Accessory Stores	-12	AEO, ANF, BOOT, CAL, CHS, CTRN, EXPR, FL, LULU, ONON, RVLV, SCVL

Below 50 days moving average
Retail	Consumer Services	Department/Specialty Retail Stores	-4	DDS, JWN, KSS, M

Relative strength drops by 1%
Retail	Consumer Services	Department/Specialty Retail Stores	-2	FIVE, GO

Relative strength drops by 4%
Retail	Consumer Services	Other Specialty Stores (Leisure)	-7	ASO, DKS, HIBB, LESL, POOL, SPWH, WINA

Below 50 days moving average
Industrial	Finance	Diversified Commercial Services	-2	MYRG, ROL

Below 50 days moving average
Industrial	Basic Industries	Major Chemicals	-2	CE, VNTR

Below 50 days moving average
Industrial	Basic Industries	Major Chemicals: Plastics	2	AVNT, EMN

Below 50 days moving average
Industrial	Consumer Durables	Containers/Packaging	-3	ATR, GEF, SEE

Below 50 days moving average
Industrial	Consumer Services	Office Equipment/Supplies/Services	2	AVY, DLX

Relative strength drops by 3%
Industrial	Basic Industries	Environmental Services	-4	CLH, DCI, GFL, WCN

Below 50 days moving average
Industrial	Capital Goods	Wholesale Distributors	-3	BLBD, TRN, WAB

Below 50 days moving average
Industrial	Transportation	Trucking Freight/Courier Services	2	EXPD, SNDR

Below 50 days moving average
Industrial	Capital Goods	Auto Manufacturing	2	OSK, SHYF

Below 50 days moving average
Health	Finance	Specialty Insurers	2	CRVL, PINC

Below 50 days moving average
Commodities	Basic Industries	Agricultural Chemicals	-3	MOS, SMG, SQM

Below 50 days moving average
Commodities	Energy	Industrial Machinery/Components	-8	GPRE, NEP, TPIC, AQN, AY, BEP, BEPC, BLDP

Below 50 days moving average
Commodities	Technology	Semiconductors (Solar)	-3	JKS, NOVA, CSIQ

Below 50 days moving average
Commodities	Basic Industries	Steel/Iron Ore	2	ATI, EAF

Disclaimer: MCBOSS CAPITAL provides financial education and information research. None of this information should be used for investment purpose. Please seek professional advice. Information provided may not always be accurate.

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