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Research >> MCBOSS CAPITAL >> Stock market news today - 2021 October >> What is happening to stock market right now?
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What is happening to stock market right now? - October 1, 2021

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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%



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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