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Research >> MCBOSS CAPITAL >> Stock market news today - 2021 October >> Market rebound prediction
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Market rebound prediction - October 8, 2021

How is market doing today?

Market indices close in the red today, but that does not tell the whole story.

It is never easy to predict a market rebound. It is possible that market has done its damage and might rise from here, but only time will tell. The signs are good right now at least for a near term rebound. The stocks and industry groups are showing healthy accumulation overall.

This is a critical juncture as market could face resistance and head for a third leg down. Earnings season is starting and usually that involves some selling into the earnings for stocks with less confidence by investors.

Overall, most of the major indices was able to turn the week around and end up in positive territory.

Index Oct. 4 - 8
Nasdaq 0.09%
S&P 500 0.79%
Dow Jones 1.22%
Russell 2000 -0.38%

What is the current support level?

Nasdaq falls back to its 10 days moving average as it continues to struggle to find a sustainable uptrend.

S&P 500 and Dow Jones also struggle near its 50 days moving average. 

Dow Jones an is down for the day as it is not too far away from its 200 days moving average. 

Russell 2000 is holding on to its 10, 21, 50 and 200 days moving average as they all converge.

  • NASDAQ - below its 50 days moving average line near 14825; current at 14579
  • S&P 500 - below its 50 days moving average line near 4440; current at 4391
  • DJIA - below its 50 days moving average line near 35000; current at 34746
  • RUSSELL 2000 - above its 50 days moving average line near 2220; current at 2233

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 56 vs 34
#stocks 282 vs 166

Which industry groups show strength?

There are some industry groups under accumulation with mostly in the industrial and commodities/energy sectors.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Programming, Data Processing (Content) 3 CARG, HUYA, IAC
Industrial Basic Industries Major Chemicals 2 HUN, WLK
Industrial Consumer Durables Containers/Packaging 2 ATR, GEF
Industrial Technology Electrical Products 3 JBL, KE, TTMI
Industrial Basic Industries Environmental Services 3 GFL, TTEK, WM
Industrial Transportation Railroads 3 CSX, NSC, UNP
Commodities Basic Industries Agricultural Chemicals 3 MOS, NTR, UAN
Commodities Energy Coal Mining 3 CNX, HCC, METC
Commodities Energy Oil & Gas Production (Canada) 2 CNQ, ERF
Commodities Energy Oilfield Services/Equipment 7 HAL, HLX, OII, OIS, PUMP, RES, SLB
Commodities Energy Integrated oil Companies 9 AM, BP, CVX, MRO, PTR, RDS.A, WMB, XOM, YPF
Commodities Energy Oil & Gas Production (International) 6 APA, COP, HES, MUR, OVV, OXY
Commodities Energy Integrated oil Companies 9 CLMT, CVI, DK, HFC, MPC, PBF, PSX, TRGP, VLO
Commodities Energy Natural Gas Distribution 5 DCP, ENB, EPD, KMI, TGP
Commodities Energy Oil & Gas Production (U.S.) 18 AR, BCEI, CLR, CPE, DVN, EOG, FANG, LPI, MGY, MTDR, PHX, PVAC, PXD, SBOW, SM, VNOM, WLL, WTI
Financial Consumer Services Other Consumer Services (Specialty) 7 ASPS, DFIN, HUT, ICE, LC, NDAQ, TW
Financial Finance Property-Casualty Insurers (Diversified) 2 MFC, PFG

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Industrial Basic Industries Major Chemicals: Others 5 BCPC, CC, ESI, MEOH, SOI

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