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Stock Market Weakness - October 11, 2021
How is market doing today?
The stock market is acting weak with not much signs of accumulation. This is not how you want the week to start. This may be a sign that the market may be heading for another leg down if it doesn't turn around soon.
What is the current support level?
Nasdaq found resistance at 21 days moving average and then fell back below its short term 10 days moving average. This is bearish sign.
S&P 500 also fell below its 10 days moving average.
Dow Jones found resistance at its 50 days moving average and then fell back to its short term 10 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 14486
- S&P 500 - below its 50 days moving average line near 4440; current at 4361
- DJIA - below its 50 days moving average line near 35000; current at 34496
- RUSSELL 2000 - above its 50 days moving average line near 2220; current at 2220
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.
Which industry groups show strength?
There are not many industry groups under accumulation.
| Sector | Industry | Sub-group | # | Stocks |
| Commodities | Basic Industries | Agricultural Chemicals | 2 | MOS, UAN |
| Commodities | Technology | Semiconductors (Solar) | 4 | FSLR, JKS, NOVA, SPWR |
Which industry groups from recent strength show weakness today?
None
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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