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Research >> MCBOSS CAPITAL >> US stock market news today - 2021 November >> The stock market is trying to turn around - December 10, 2021
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The stock market is trying to turn around - December 10, 2021

What happen to the market today?

The stock market is trying to turn around after a few weeks of selloff.

Inflation made new headline as it is at the highest level in 39 years. However, market shrug off this news and close positive on Friday. This might be a good sign as investors are looking forward to 2022 and Federal Reserve has indicated faster tapering and possibly 3 interest rake hikes next year to deal with inflation issue.

This week the market turn in positive gains after the last few weeks selloff but small cap Russell 2000 show the least gains.

Index Dec. 6-10
Nasdaq 3.61%
S&P 500 3.82%
Dow Jones 4.02%
Russell 2000 2.43%

What is the current support level?

Nasdaq has risen back above its 10 and 21 days moving average. That is a good sign especially if it can hold above these levels.

S&P 500 is once again near its all time high. This is impressive as the index recently bounce back above all its short term moving averages.

Dow Jones Industrial Average is also climbing back above its short term moving averages fast.

Russell 2000 is perhaps the weakest index as it is still below its 10 days moving average. This is not a good sign.

  • NASDAQ - above its 50 days moving average line near 15200; current at 15630
  • S&P 500 - below its 50 days moving average line near 4500; current at 4712
  • DJIA - above its 50 days moving average line near 35200; current at 35970
  • RUSSELL 2000 - below its 50 days moving average line near 2300; current at 2211

Psychological levels

  • Nasdaq is above 15000.
  • S&P 500 is now above 4700.
  • Dow Jones Industrial Average is now above 35000.
  • Small cap Russell 2000 is now above 2200.

Stock market breadth - Accumulation/Distribution for this week:

#industry groups 54 vs 43
#stocks 227 vs 169

The stock market breadth has stabilized with slightly more accumulation than distribution in the last week.

Which industry groups show strength?

Some industry groups are starting to recover as shown below.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Design) 2 ADSK, ANSS
Technology Technology Computer Communications Equipment 3 CSCO, JNPR, NTGR
Technology Technology EDP Services (Tech Services) 3 CTG, EPAM, PRFT
Technology Technology Semiconductors 7 AOSL, AVGO, CRUS, HIMX, MRVL, MXL, RMBS
Technology Technology Semiconductors (Manufacturing) 5 MCHP, MTSI, ON, PI, QRVO
Technology Consumer Durables Telecommunications Equipment 4 CIEN, INFN, LITE, VIAV
Retail Consumer Services Catalog/Specialty Distribution 2 JBSS, MKC
Retail Consumer Services Automotive Aftermarket (Parts) 4 AAP, AZO, GPC, LKQ
Retail Consumer Services RETAIL: Building Materials 5 FAST, HD, LL, LOW, MSM
Industrial Consumer Durables Building Products 4 AWI, BLDR, GCP, TILE
Industrial Technology Advertising 3 CRTO, IPG, OMC
Industrial Technology Electrical Products 2 JBL, SANM
Industrial Transportation Trucking Freight/Courier Services 2 FWRD, KNX
Industrial Public Utilities Power Generation 5 AEE, D, DUK, PCG, WEC
Financial Capital Goods Homebuilding 12 BZH, CCS, DHI, GRBK, HOV, LEN, LGIH, MDC, MTH, NVR, PHM, TOL
Financial Consumer Services Real Estate Investment Trusts 15 ACC, ARE, AVB, CLDT, CPT, INVH, LSI, MAA, NSA, PLD, PSA, REXR, SRC, STAG, UDR

Which industry groups from recent strength show weakness today?

Relative strength drops by 2%
RetailConsumer ServicesFood Chains-2ACI, CASY
Relative strength drops by 4%
FinancialFinanceMajor Banks (Northeast)-3EGBN, SBNY, TBBK

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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