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Research >> MCBOSS CAPITAL >> Stock market news today >> Is the stock market in a correction right now?
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Is the stock market in a correction right now? - September 30, 2021

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Is the stock market in a correction right now?

The stock market is no doubt in correction as Nasdaq shows its fourth consecutive days of distribution. That is selling in higher volume than previous day.


What is the current support level?

Nasdaq, S&P 500 hit new low and is further below its 50 days moving average. 

Dow Jones fell closer to its 200 days moving average. 

Russell 2000 fell slightly below its 50 days moving average.

  • NASDAQ - below its 50 days moving average line near 14825; current at 14448
  • S&P 500 - below its 50 days moving average line near 4440; current at 4307
  • DJIA - below its 50 days moving average line near 35000; current at 33843
  • RUSSELL 2000 - below its 50 days moving average line near 2220; current at 2204

Psychological levels

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

Which industry groups show strength?

There are more industry groups under accumulation particularly in the retail, commodities and financial stock.

Sector Industry Sub-group # Stocks
Retail Consumer Services Food Chains 2 NGVC, TA
Industrial Industrial Consumer Non-Durables 2 PATK, WGO
Industrial Basic Industries Major Chemicals 2 HUN, WLK
Commodities Energy Oil & Gas Production (Canada) 2 CNQ, ERF
Commodities Energy Oil & Gas Production: Drilling 2 RIG, VAL
Commodities Energy Oilfield Services/Equipment 2 PUMP, RES
Commodities Energy Integrated oil Companies 4 BP, EC, MRO, RDS.A
Commodities Energy Oil & Gas Production (International) 2 COP, OVV
Commodities Energy Oil & Gas Production (U.S.) 17 AR, BCEI, COG, CPE, DVN, FANG, MGY, MTDR, PHX, PVAC, RRC, SBOW, SM, SWN, VNOM, WTI, XEC
Financial Finance Major Banks (Northeast) 8 CFG, CUBI, EBSB, EGBN, MTB, SBNY, TBBK, WBS
Financial Finance Major Banks (Southeast) 7 BPOP, HOMB, LOB, OFG, SBCF, SSB, UCBI
Financial Finance Major Banks (West) 11 CVBF, EWBC, FHB, FIBK, GBCI, PB, SI, TBK, VBTX, WAFD, WAL
Financial Finance Major Banks (Savings) 4 CASH, NWBI, PBCT, WSFS



Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Retail Consumer Durables Specialty Chemicals -3 CGC, CRON, OGI
Relative strength drops by 1%
Retail Consumer Services Television Services 2 FOX, FOXA
Relative strength drops by 1%
Retail Consumer Durables Automotive Aftermarket -3 CVNA, KMX, LAD
Relative strength drops by 1%
Retail Consumer Services Restaurants -5 ARCO, CMG, NDLS, WING, YUM
Relative strength drops by 1%
Industrial Consumer Durables Metal Fabrications 2 AMOT, WIRE
Relative strength drops by 1%
Industrial Basic Industries Aluminum -5 CMC, KALU, TKR, VMI, WOR
Relative strength drops by 1%
Commodities Basic Industries Precious Metals -2 SCCO, VALE
Relative strength drops by 1%
Financial Finance Major Banks 9 BAC, BK, C, DB, GS, HSBC, JPM, MS, SAN


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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