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Research >> MCBOSS CAPITAL >> US stock market news today - 2021 November >> New covid variant Omicron sent the stock market tumbling - November 26, 2021
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New covid variant Omicron sent the stock market tumbling - November 26, 2021

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What happen to the market today?

A new Covid variant named Omicron deemed by World Health Organization sent the stock market to tumble. The market conditions have deteriorate significantly. 

Although 2021 has been the year to buy on the dip, and analysts are also advising the same tone, it may be wisely to caution that there may be a fundamental change as market indices and stocks are showing more selling than buying on the dip.

It is too early and currently not known whether this new Covid variant will penetrate the immunity that comes from existing vaccine. However, Moderna (MRNA) and Biontech (BNTX) are currently working on new vaccine, which make these two stocks strong winners on Friday.

The market suffers heavy losses this week with small cap Russell 2000 taking the most beating.

Index Nov. 22-26
Nasdaq -3.52%
S&P 500 -2.20%
Dow Jones -1.97%
Russell 2000 -4.15%

What is the current support level?

Nasdaq and S&P 500 broke below its 21 days moving average. It may be heading to its 50 days moving average. Look for support near that level.

Dow Jones Industrial Average shows heavy selling as it undercuts its 50 days moving average. This is a bearish sign.

Russell 2000 is perhaps the weakest index as it not only undercuts its 50 days moving average but also its 200 days moving average. It is hard to tell whether this is currently oversold; perhaps in the short term.

  • NASDAQ - above its 50 days moving average line near 15200; current at 15491
  • S&P 500 - above its 50 days moving average line near 4500; current at 4594
  • DJIA - below its 50 days moving average line near 35200; current at 34899
  • RUSSELL 2000 - below its 50 days moving average line near 2300; current at 2245

Psychological levels

  • Nasdaq is above 15000.
  • S&P 500 is now below 4600.
  • Dow Jones Industrial Average is now below 35000.
  • Small cap Russell 2000 is now below 2300.

Stock market breadth - Accumulation/Distribution for this week:

#industry groups 9 vs 121
#stocks 50 vs 668

The stock market breadth has deteriorate significantly in the last week.

Which industry groups show strength?

There are no industry groups under accumulation, but there are lots of distribution as shown below. 

Which industry groups from recent strength show weakness today?

Below 50 days moving average
Technology Technology Computer Software: Prepackaged Software (Database) -7 DBX, ESTC, ORCL, OTEX, SPLK, VRNS, WK
Below 50 days moving average
Technology Technology Computer Software: Prepackaged Software (Design) -5 ADSK, ANSS, BSY, CDNS, PTC
Relative strength drops by 1%
Technology Technology Computer Software: Prepackaged Software (Desktop) -2 CRNC, MSFT
Relative strength drops by 3%
Technology Technology Computer Software: Prepackaged Software (Financial) -5 GWRE, INS, JKHY, PEGA, QTWO
Relative strength drops by 2%
Technology Technology Computer Software: Prepackaged Software (Security) -14 CHKP, CMCM, CRWD, CYBR, FTNT, MIME, NICE, PING, RPD, S, SAIL, TENB, TUFN, ZS
Relative strength drops by 3%
Technology Technology Computer Manufacturing 2 HPQ, LOGI
Relative strength drops by 10%
Technology Technology Semiconductors (Equip) -9 ACMR, AMAT, ASML, CCMP, COHU, FORM, ICHR, KLAC, UCTT
Relative strength drops by 3%
Technology Technology Semiconductors (Manufacturing) -14 ADI, AMKR, DIOD, IMOS, INTC, MCHP, MTSI, POWI, QRVO, STM, SWKS, TSEM, TSM, TXN
Relative strength drops by 10%
Retail Consumer Services Clothing/Shoe/Accessory Stores -6 GOOS, PVH, RL, TPR, UA, UFI
Relative strength drops by 1%
Retail Consumer Non-Durables Package Goods/Cosmetics -4 EL, HLF, PBH, SKIN
Below 50 days moving average
Retail Consumer Services Hotels/Resorts (Lodging) -2 HLT, HTHT
Relative strength drops by 10%
Retail Consumer Services Consumer Electronics/Video Chains -3 BBY, CONN, GME
Relative strength drops by 1%
Retail Health Care Medical/Nursing Services -2 CVS, WBA
Below 50 days moving average
Retail Consumer Services Other Specialty Stores -6 AAN, HVT, LOVE, LZB, RH, WSM
Relative strength drops by 1%
Retail Miscellaneous Business Services (Internet) -5 DASH, FVRR, MELI, PDD, TDUP
Below 50 days moving average
Retail Consumer Services Restaurants -15 BJRI, CBRL, CHUY, CMG, DIN, EAT, FRGI, JACK, LOCO, NDLS, PLAY, PZZA, RRGB, SBUX, TXRH
Relative strength drops by 7%
Industrial Basic Industries Major Chemicals: Others -4 ALB, ATC, CBT, MTX
Relative strength drops by 10%
Industrial Technology Advertising -3 CRTO, QNST, TTGT
Relative strength drops by 9%
Industrial Consumer Durables Metal Fabrications -5 AMOT, FELE, GNRC, VRT, WIRE
Relative strength drops by 4%
Industrial Miscellaneous Industrial Machinery/Components -7 APH, IIVI, LFUS, TEL, VICR, VSH, WCC
Relative strength drops by 10%
Industrial Capital Goods Fluid Controls -5 BMI, ERII, HLIO, IEX, MTD
Relative strength drops by 10%
Commodities Basic Industries Precious Metals -5 AEM, KGC, RGLD, SBSW, WPM
Below 50 days moving average
Commodities Energy Oil & Gas Production (International) -2 MUR, OVV
Relative strength drops by 10%
Commodities Basic Industries Steel/Iron Ore -2 MT, PKX
Relative strength drops by 10%
Financial Finance Major Banks (Regional) -4 FITB, SIVB, TFC, USB
Below 50 days moving average
Financial Consumer Services Real Estate Investment Trusts -2 ESNT, NMIH


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