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What is happening to stock market right now?
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What is happening to stock market right now? - October 1, 2021
What is happening to stock market right now?
We are seeing the market indices weaken significantly in recent weeks. All indices are hitting new lows this week except for Russell 2000 which is trying to find support at its 50 and 200 days moving average.
Many growth stocks are not doing well if not getting butchered. Some cyclical and value stocks are still doing well as noted in accumulated industry groups below specifically in some financial, commodity/energy and travel related stocks.
Overall this week, the market is not performing well.
| Index | Sep. 27 - Oct. 1 |
| Nasdaq | -3.20% |
| S&P 500 | -2.21% |
| Dow Jones | -1.36% |
| Russell 2000 | -0.29% |
Check out our course How to measure or calculate stock market breadth
What is the current support level?
Nasdaq, S&P 500 rebound from a new recent low after five consecutive down days. It is still quite far below its 50 days moving average.
Dow Jones also rebound after it came down closer to its 200 days moving average.
Russell 2000, perhaps the best showing index, rebound from its 200 days moving average as the 10, 21, 50 and 200 days moving average converge.
- NASDAQ - below its 50 days moving average line near 14825; current at 14566
- S&P 500 - below its 50 days moving average line near 4440; current at 4357
- DJIA - below its 50 days moving average line near 35000; current at 34326
- RUSSELL 2000 - below its 50 days moving average line near 2220; current at 2241
Psychological levels
- Nasdaq is below 15000.
- S&P 500 is below 4500.
- Dow Jones Industrial Average is below 35000.
- Small cap Russell 2000 is above 2200.
Accumulation/Distribution for this week:
#industry groups 61 vs 74
#stocks 319 vs 315
Which industry groups show strength?
There are some industry groups under accumulation particularly in the commodities and financial stock.
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 2 | CMBM, GOGO |
| Retail | Consumer Services | Hotels/Resorts (Lodging) | 5 | CHH, H, HLT, MAR, WH |
| Industrial | Industrial | Consumer Non-Durables | 3 | PATK, THO, WGO |
| Industrial | Basic Industries | Major Chemicals: Plastics | 3 | ASIX, KRA, TSE |
| Industrial | Basic Industries | Aluminum | 2 | CENX, SCHN |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | 2 | RDY, TEVA |
| Commodities | Basic Industries | Agricultural Chemicals | 4 | CF, MOS, NTR, UAN |
| Commodities | Energy | Coal Mining | 2 | ARCH, BTU |
| Commodities | Energy | Oil & Gas Production (Canada) | 2 | CNQ, ERF |
| Commodities | Energy | Oil & Gas Production: Drilling | 2 | PTEN, RIG |
| Commodities | Energy | Oilfield Services/Equipment | 7 | HAL, HLX, OII, OIS, PUMP, RES, SLB |
| Commodities | Energy | Integrated oil Companies | 9 | AM, BP, CVX, EC, MRO, PBR, RDS.A, WMB, XOM |
| Commodities | Energy | Oil & Gas Production (International) | 4 | COP, HES, OVV, OXY |
| Commodities | Energy | Metal Fabrications | 4 | DRQ, FET, FTI, WHD |
| Commodities | Energy | Integrated oil Companies | 6 | CVI, MPC, PBF, PSX, TRGP, VLO |
| Commodities | Energy | Natural Gas Distribution | 6 | DCP, GLNG, KMI, NVGS, OKE, STNG |
| Commodities | Energy | Oil & Gas Production (U.S.) | 23 | AR, BCEI, CHK, CLR, COG, CPE, DVN, EOG, FANG, LPI, MGY, MTDR, OAS, PHX, PVAC, PXD, RRC, SBOW, SM, SWN, VNOM, WTI, XEC |
| Financial | Finance | Major Banks (Northeast) | 11 | CBNK, CFG, CNOB, CUBI, EBSB, EGBN, MCB, MTB, SBNY, TBBK, WBS |
| Financial | Finance | Major Banks (Southeast) | 13 | BPOP, BXS, FCNCA, HOMB, LOB, OFG, OZK, SBCF, SFNC, SMMF, SNV, SSB, UCBI |
| Financial | Finance | Major Banks (Regional) | 6 | CMA, FITB, KEY, PNC, RF, USB |
| Financial | Finance | Major Banks (West) | 16 | BANR, CFR, COLB, CVBF, EWBC, FHB, FIBK, GBCI, IBTX, PB, SI, TBK, TCBI, VBTX, WAFD, WAL |
| Financial | Finance | Major Banks (Savings) | 6 | BKU, CASH, NWBI, PBCT, PFC, WSFS |
| Financial | Finance | Life Insurance | 2 | GNW, PRI |
Which industry groups from recent strength show weakness today?
| Relative strength drops by 1% | ||||
| Retail | Consumer Non-Durables | Packaged Foods | 3 | CAG, FLO, HAIN |
| Relative strength drops by 8% | ||||
| Retail | Consumer Services | Automotive Aftermarket (Parts) | -2 | CPRT, PRTS |
| Relative strength drops by 3% | ||||
| Retail | Consumer Services | Food Chains | 2 | NGVC, TA |
| Industrial | Transportation | Trucking Freight/Courier Services | 3 | ARCB, ODFL, PTSI |
| Below 50 days moving average | ||||
| Commodities | Energy | Oil & Gas Production (Royalty Trust) | 3 | PBT, SJT, TPL |
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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