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Research >> MCBOSS CAPITAL >> US stock market news today - 2021 November >> The stock market continue its downtrend - December 17, 2021
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The stock market continue its downtrend - December 17, 2021

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What happen to the market today?

The stock market continue its downtrend this week despite a relief bounce right after the Federal reserve speaks about tapering faster and possibly ending the bond buying program by March, and possibly 3 interest rake hikes next year to deal with inflation issue.

All major indices are down this week.

Index Dec. 13-17
Nasdaq -2.95%
S&P 500 -1.94%
Dow Jones -1.68%
Russell 2000 -1.71%



What is the current support level?

Nasdaq is on the edge as it might make a new low as compared to the previous low a few weeks ago.

S&P 500 fell back to its 50 day moving averages. Look for support yet.

Dow Jones Industrial Average fell back below its 50 day moving averages.

Russell 2000 continue to be 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 15169
  • S&P 500 - above its 50 days moving average line near 4500; current at 4620
  • DJIA - below its 50 days moving average line near 35200; current at 35365
  • RUSSELL 2000 - below its 50 days moving average line near 2300; current at 2173

Psychological levels

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

Stock market breadth - Accumulation/Distribution for this week:

#industry groups 59 vs 103
#stocks 275 vs 561

The stock market breadth has been favoring the defensive stocks while most other sectors are experiencing further distribution.

Which industry groups show strength?

Market continue to favor mostly defensive industry groups such as utilities, health and consumer staples.

Sector Industry Sub-group # Stocks
Technology Consumer Durables Telecommunications Equipment 5 CIEN, CLFD, INFN, LITE, VIAV
Retail Consumer Non-Durables Packaged Foods 2 ADM, ANDE
Retail Consumer Non-Durables Meat/Poultry/Fish 2 HRL, TSN
Retail Consumer Services Catalog/Specialty Distribution 2 LNDC, MKC
Retail Consumer Services Food Chains 3 IMKTA, NGVC, SFM
Retail Consumer Non-Durables Farming/Seeds/Milling 3 MO, PM, VGR
Industrial Basic Industries Electric Utilities: Central 3 AEP, ETR, POR
Industrial Public Utilities Water Supply 2 AWK, AWR
Health Finance Specialty Insurers 3 CRVL, PINC, VCRA
Health Health Care Major Pharmaceuticals 26 ALKS, ALNY, AMGN, ANAB, ARGX, ARNA, BHVN, BIIB, BLUE, BPMC, CRSP, CYTK, DCPH, EBS, EXEL, GILD, HALO, INCY, INVA, IONS, NKTR, NTLA, PBYI, RARE, SAGE, VRTX
Health Health Care Major Pharmaceuticals (Diversified) 2 ABT, JNJ
Health Health Care Major Pharmaceuticals (Ethical Drugs) 6 ABBV, BMY, GRFS, NVS, PFE, ZTS
Commodities Basic Industries Precious Metals 3 NEM, RGLD, WPM


Which industry groups from recent strength show weakness today?

Below 50 days moving average
Technology Technology EDP Services (Tech Services) 5 ACN, CTSH, IBM, UIS, WIT
Below 50 days moving average
Technology Technology Semiconductors (Manufacturing) -8 ADI, AMKR, CTS, DIOD, ON, QRVO, STM, TXN
Relative strength drops by 1%
Retail Consumer Services Automotive Aftermarket (Parts) -2 CPRT, LKQ
Relative strength drops by 1%
Retail Consumer Services RETAIL: Building Materials -9 FND, GMS, GWW, HD, LL, LOW, SITE, TITN, TSCO
Below 50 days moving average
Retail Consumer Non-Durables Consumer Specialties -3 BRLT, FOSL, MOV
Relative strength drops by 17%
Financial Capital Goods Homebuilding -8 KBH, LEN, MHO, MTH, TMHC, TPH, BZH, CCS
Below 50 days moving average
Financial Finance Finance: Consumer Services -4 TSLX, WD, CGBD, CIT


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