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Research >> MCBOSS CAPITAL >> Stock market news today >> Is the stock market due for a pullback?
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Is the stock market due for a pullback? - Stock market news today September 10, 2021

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Is the stock market due for a pullback?

Market has been pulling back this week with its worst showing on Friday. Overall, the market suffer a pullback from its top in the range of 2% to 3%.

Nasdaq 1.93%
S&P 500 1.97%
Dow Jones 2.63%
Russell 2000 3.68%

It will be important to see if the market can rebound the next week. Otherwise, we might see the pullback accelerate.

What is the current support level?

Nasdaq fell below its 10 days moving average and is now near its 21 days moving average. Watch for support at this level.

S&P 500 drop below both its 10 and 21 days moving average.

Dow Jones show the weakest signs as it drop below its 10, 21 and 50 days moving average.

Russell 2000 also fell to its 50 days moving average after it pierced through its 10 and 21 days moving average. 

  • NASDAQ - above its 50 days moving average line near 14825; current at 15115
  • S&P 500 - above its 50 days moving average line near 4425; current at 4458
  • DJIA - above its 50 days moving average line near 35040; current at 34607
  • RUSSELL 2000 - below its 50 days moving average line near 2230; current at 2227

Psychological levels

  • Nasdaq is now above 15000.
  • S&P 500 is now below 4500.
  • Dow Jones Industrial Average is now below 35000.
  • Small cap Russell 2000 is above 2200.

Which industry groups show strength?

There are few industry groups under accumulation. 

Sector Industry Sub-group # Stocks
Industrial Consumer Services Marine Transportation 2 MATX, ZIM
Commodities Energy Oil & Gas Production (U.S.) 9 BCEI, COG, CRC, LPI, OAS, PHX, SBOW, WLL, XEC


Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Technology Technology Computer Software: Prepackaged Software (Special) 3 AVLR, BL, LSPD
Relative strength drops by 1%
Technology Technology Computer Software: Prepackaged Software (Financial) -3 JKHY, PEGA, SSNC
Relative strength drops by 4%
Technology Consumer Durables Telecommunications Equipment -2 CIEN, INFN
Relative strength drops by 1%
Retail Consumer Services Department/Specialty Retail Stores -2 DDS, JWN
Relative strength drops by 1%
Retail Miscellaneous Business Services (Internet) 6 AMZN, DASH, GRUB, JMIA, PDD, VIPS


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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