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AFTER MARKET UPDATE - TUESDAY, JANUARY 9TH, 2024
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DOW |
-157.85 |
37,525.16 |
-0.42% |
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Volume |
840,989,330 |
-8% |
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Volume |
5,114,497,600 |
-20% |
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NASDAQ |
+13.94 |
14,857.71 |
+0.09% |
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Advancers |
839 |
31% |
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Advancers |
1,503 |
36% |
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S&P 500 |
-7.04 |
4,756.50 |
-0.15% |
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Decliners |
1,884 |
69% |
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Decliners |
2,720 |
64% |
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Russell 2000 |
-20.97 |
1,968.04 |
-1.05% |
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52 Wk Highs |
41 |
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52 Wk Highs |
92 |
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S&P 600 |
-14.67 |
1,276.71 |
-1.14% |
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52 Wk Lows |
24 |
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52 Wk Lows |
85 |
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Major Indices Ended Mixed With Negative Breadth
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices ended mixed. Volume was reported lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by more than a 2-1 margin on the NYSE and by almost a 2-1 margin on the Nasdaq exchange. There were 20 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 21 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). New buying efforts should be only made in stocks fitting all key criteria of the fact-based investment system.
PICTURED: The Nasdaq Composite Index posted a 3rd straight gain. Four of the S&P 500 sectors logged a gain while seven fell. The information technology sector (+0.3%) was the top performer while the energy (-1.6%) and materials (-1.1%) sectors registered the largest declines.
NVIDIA (NVDA +1.70%) was a standout winner after being down as much as -1.1% at the session low. Alphabet (GOOG +1.44%), Amazon.com (AMZN +1.52%), and Microsoft (MSFT +0.29%) ended with gains after all trading down earlier, too. Meanwhile, Meta Platforms (META -0.34%), Apple (AAPL -0.23%), and Tesla (TSLA -2.28%) created a drag.
Some negative vibes were a reaction to the Q4 revenue warning from Microchip Technology (MCHP -0.35%) tied to a weakening economic environment. Also, Samsung Electronics said it expects its Q4 operating profit to be down -35% year-over-year and below analysts' expectations.
The 2-yr note yield settled three basis points higher at 4.38% and the 10-yr note yield rose two basis points to 4.02%. A fresh $52 billion 3-yr note auction met strong demand.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail and Networking Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +0.77%) posted a modest gain while the Broker/Dealer Index ($XBD -1.85%) and the Bank Index ($BKX -1.10%) both lost ground. The tech sector was mixed as the Networking Index ($NWX +1.07%) posted a gain while the Semiconductor Index ($SOX +0.05%) finished flat and the Biotech Index ($BTK -1.18%) fell. Commodity-linked groups fell as the Gold & Silver Index ($XAU -1.56%), Integrated Oil Index ($XOI -1.58%), and the Oil Services Index ($OSX -2.39%) each slumped.
PICTURED: The Oil Services Index ($OSX -2.39%) is slumping below its 50-day and 200-day moving average (DMA) lines toward its December low.
| Oil Services |
$OSX |
79.20 |
-1.94 |
-2.39% |
-5.58% |
| Integrated Oil |
$XOI |
1,833.91 |
-29.48 |
-1.58% |
-1.53% |
| Semiconductor |
$SOX |
4,064.65 |
+2.18 |
+0.05% |
-2.65% |
| Networking |
$NWX |
827.35 |
+8.78 |
+1.07% |
-0.66% |
| Broker/Dealer |
$XBD |
545.61 |
-10.29 |
-1.85% |
-2.10% |
| Retail |
$RLX |
3,861.95 |
+29.43 |
+0.77% |
-0.69% |
| Gold & Silver |
$XAU |
118.66 |
-1.88 |
-1.56% |
-5.60% |
| Bank |
$BKX |
96.40 |
-1.08 |
-1.10% |
+0.40% |
| Biotech |
$BTK |
5,446.46 |
-65.00 |
-1.18% |
+0.51% |
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Consolidating Well Above Near-Term Support
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Axon Enterprise Inc (AXON -$2.51 or -1.00% to $249.10) pulled back today with average volume. Its 50-day moving average (DMA) line ($233) defines near-term support above prior highs in the $229-231 area.
AXON was highlighted in yellow in the 11/08/23 mid-day report (read here) with new pivot point cited based on its 10/17/23 high after a cup-with-handle base. It hit a new all-time high and finished near the session high triggering a technical buy signal. It was shown in detail in this FSU section on 12/13/23 with an annotated graph under the headline, "Axon Enterprise Hits New High With 6th Straight Gain".
AXON reported Sep '23 quarterly earnings +70% on +33% sales revenues versus the year-ago period, its 4th strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings had a slight downturn in FY '22 after years of strong growth.
The company has a small supply of only 74.9 million shares outstanding (S criteria) which can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 978 in Mar '23 to 1,376 in Sep '23, a reassuring sign concerning the I criteria. AXON has a Timeliness Rating of A and an Accumulation/Distribution Rating of B+. |
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Color Codes Explained :
Y - Better candidates highlighted by our
staff of experts.
G - Previously featured
in past reports as yellow but may no longer be buyable under the
guidelines.
***Last / Change / Volume data in this table is the closing quote data***
Symbol/Exchange
Company Name
Industry Group |
PRICE |
CHANGE
(%Change) |
Day High |
Volume
(% DAV)
(% 50 day avg vol) |
52 Wk Hi
% From Hi |
Featured
Date |
Price
Featured |
Pivot Featured |
|
Max Buy |
ANET
-
NYSE
Arista Networks
Computer-Networking
|
$245.20
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-0.65
-0.26% |
$247.54
|
1,337,154
63.98% of 50 DAV
50 DAV is 2,090,000
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$245.89
-0.28%
|
10/31/2023
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$188.84
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PP = $198.80
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MB = $208.74
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Most Recent Note - 1/8/2024 10:38:44 AM
G - Gapped up today and rallied to hit a new all-time high. Its 50 DMA line ($219) defines near-term support above the prior low in the $210 area. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Extended From Base and Hovering at All-Time High - 12/26/2023 |
View all notes |
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News |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$106.93
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+0.53
0.50% |
$106.97
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3,677,568
87.50% of 50 DAV
50 DAV is 4,203,000
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$108.98
-1.88%
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11/2/2023
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$100.97
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PP = $104.10
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MB = $109.31
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Most Recent Note - 1/5/2024 5:13:14 PM
Y - Pulled back today with average volume. Gap up and volume-driven gain on the prior session triggered a technical buy signal while hitting a new all-time high. Prior highs in the $105 area define initial support above its 50 DMA line ($100.42) See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Gap Up Gain on Prior Session Triggered Technical Buy Signal - 1/5/2024 |
View all notes |
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C
A
S
I |
QLYS
-
NASDAQ
Qualys
Computer Sftwr-Security
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$186.23
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+2.05
1.11% |
$188.34
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254,812
68.13% of 50 DAV
50 DAV is 374,000
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$206.35
-9.75%
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11/3/2023
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$167.50
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PP = $165.03
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MB = $173.28
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Most Recent Note - 1/8/2024 5:38:37 PM
G - Found prompt support near its 50 DMA line ($181.88) and posted a gain today with light volume breaking a streak of 8 consecutive losses. The prior session low ($180.01) defines important near-term support where more damaging losses would raise concerns. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Posted Light Volume Gain Finding Support at 50-Day Moving Average - 1/8/2024 |
View all notes |
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C
A
S
I |
AXON
-
NASDAQ
Axon Enterprise
Security/Sfty
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$249.10
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-2.51
-1.00% |
$250.54
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452,181
100.26% of 50 DAV
50 DAV is 451,000
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$260.69
-4.45%
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11/8/2023
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$127.84
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PP = $223.30
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MB = $234.47
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Most Recent Note - 1/8/2024 5:40:53 PM
G - Posted a solid gain today with lighter volume breaking a streak of 6 consecutive losses. On pullbacks, its 50-day moving average (DMA) line ($233) defines support above prior highs in the $229-231 area.
>>> FEATURED STOCK ARTICLE : Axon Enterprise Hits New High With 6th Straight Gain - 12/13/2023 |
View all notes |
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News |
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C
A
S
I |
TDG
-
NYSE
TransDigm Group
Aerospace/Defense
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$1,000.12
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+2.94
0.29% |
$1,002.85
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209,608
90.74% of 50 DAV
50 DAV is 231,000
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$1,018.50
-1.80%
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12/12/2023
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$1,000.39
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PP = $1,013.18
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MB = $1,063.84
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Most Recent Note - 1/8/2024 5:46:10 PM
Y - Posted a 3rd consecutive gain today with higher volume. The new pivot point cited was based on its 11/14/23 high plus 10 cents, however, recent gains above the pivot point were not backed by the +40% above-average volume necessary to trigger a proper new technical buy signal. Fundamentals remain strong. Its recent low ($972.08 on 1/03/24) defines near-term support to watch above its 50 DMA line ($957.46).
>>> FEATURED STOCK ARTICLE : Volume-Driven Loss Breaks Streak of 6 Straight Gains - 12/14/2023 |
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C
A
S
I |
Symbol/Exchange
Company Name
Industry Group |
PRICE |
CHANGE
(%Change) |
Day High |
Volume
(% DAV)
(% 50 day avg vol) |
52 Wk Hi
% From Hi |
Featured
Date |
Price
Featured |
Pivot Featured |
|
Max Buy |
PANW
-
NASDAQ
Palo Alto Networks
Computer Sftwr-Security
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$300.42
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+10.92
3.77% |
$301.00
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3,576,628
83.27% of 50 DAV
50 DAV is 4,295,000
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$318.00
-5.53%
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11/13/2023
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$255.90
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PP = $266.00
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MB = $279.30
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Most Recent Note - 1/8/2024 5:43:10 PM
G - Posted a gain today with below-average volume breaking a streak of 7 consecutive losses with below-average volume. Its 50 DMA line ($275.53) defines near-term support above prior highs in the $265 area. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Consolidating After Volume-Driven Gains for All-Time Highs - 12/15/2023 |
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C
A
S
I |
URI
-
NYSE
United Rentals
Comml Svcs-Leasing
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$548.02
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-2.81
-0.51% |
$548.57
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435,777
61.03% of 50 DAV
50 DAV is 714,000
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$585.50
-6.40%
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12/1/2023
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$499.51
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PP = $488.73
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MB = $513.17
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Most Recent Note - 1/3/2024 7:03:37 PM
G - Pulled back today with higher volume behind a 5th consecutive loss, reteating from its all-time high. On pullbacks, the prior highs define near-term support to watch above its 50 DMA line ($486.62).
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High Following Volume-Driven Gains - 12/19/2023 |
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C
A
S
I |
AMPH
-
NASDAQ
Amphastar Pharm
Medical-Biomed/Biotech
|
$56.80
|
-2.65
-4.46% |
$59.45
|
624,841
136.73% of 50 DAV
50 DAV is 457,000
|
$67.66
-16.05%
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12/4/2023
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$60.84
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PP = $58.35
|
|
MB = $61.27
|
Most Recent Note - 1/8/2024 12:21:50 PM
Y - Rebounded from the early low after abruptly retreating today with higher volume following a noted "negative reversal" on the prior session. Color code was changed to yellow while trading back near the pivot point. More damaging losses would raise greater concerns. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Consolidating Above Pivot Point With Volume Cooling - 12/21/2023 |
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C
A
S
I |
TBBK
-
NASDAQ
The Bancorp
Banks-Northeast
|
$38.34
|
+0.09
0.24% |
$38.44
|
372,712
88.32% of 50 DAV
50 DAV is 422,000
|
$42.46
-9.70%
|
12/4/2023
|
$39.88
|
PP = $41.62
|
|
MB = $43.70
|
Most Recent Note - 1/3/2024 7:06:27 PM
G - Violated its 50 DMA line ($38.39) with higher volume behind today's 5th consecutive loss raising concerns and its color code is changed to green. A prompt rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Negative Reversals are Signs of Distributional Pressure - 12/22/2023 |
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C
A
S
I |
LULU
-
NASDAQ
lululemon athletica
Retail-Apparel/Shoes/Acc
|
$485.71
|
-5.77
-1.17% |
$489.93
|
1,234,739
81.45% of 50 DAV
50 DAV is 1,516,000
|
$516.39
-5.94%
|
12/8/2023
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$490.61
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PP = $485.93
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MB = $510.23
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Most Recent Note - 1/3/2024 7:02:07 PM
Y - Quietly pulling back yet lingering near its all-time high below its "max buy" level with volume totals cooling. Its 2021 high of $485 defines initial support to watch after its recent breakout from a 2+ year base.
>>> FEATURED STOCK ARTICLE : Perched at All-Time High With Volume Totals Cooling - 12/27/2023 |
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C
A
S
I |
Symbol/Exchange
Company Name
Industry Group |
PRICE |
CHANGE
(%Change) |
Day High |
Volume
(% DAV)
(% 50 day avg vol) |
52 Wk Hi
% From Hi |
Featured
Date |
Price
Featured |
Pivot Featured |
|
Max Buy |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
|
$273.78
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+12.50
4.78% |
$276.56
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6,033,062
196.32% of 50 DAV
50 DAV is 3,073,000
|
$261.81
4.57%
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1/2/2024
|
$246.42
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PP = $261.91
|
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MB = $275.01
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Most Recent Note - 1/9/2024 1:20:08 PM
Y - Hitting a new 52-week high with today's 4th consecutive gain backed by ever-increasing volume. A solid gain and close above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Oct '23 quarterly earnings +105% on +35% sales revenues versus the year-ago period, extending its streak of strong earnings increases well above the +25% minimum guideline (C criteria) in quarterly comparisons. Faces no resistance due to overhead supply. Annual earnings history has been strong. Completed its $34 IPO on 6/12/19.
>>> FEATURED STOCK ARTICLE : CrowdStrike Holdings Pulling Back After "3-Weeks Tight" Pattern - 1/3/2024 |
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C
A
S
I |
ELF
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
|
$154.68
|
+4.03
2.68% |
$155.90
|
1,122,762
76.22% of 50 DAV
50 DAV is 1,473,000
|
$153.53
0.75%
|
1/2/2024
|
$138.23
|
PP = $153.63
|
|
MB = $161.31
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Most Recent Note - 1/8/2024 10:41:01 AM
Y - Rebounding near its prior high with today's big 3rd consecutive gain. Pivot point cited recently was based on its 12/20/23 high plus 10 cents after forming an advanced "3 weeks tight" base. Subsequent volume-driven gains for new highs are needed to trigger a technical buy signal. Reported Sep '23 quarterly earnings +128% on +76% sales revenues versus the year-ago period, adding to its streak of very strong quarterly results well above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) history over the past 3 years has been strong, making it a better match with the fact-based investment system's fundamental guidelines.
>>> FEATURED STOCK ARTICLE : Pulled Back After Closing 3 Weeks Tight - 1/2/2024 |
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C
A
S
I |
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THESE ARE NOT BUY RECOMMENDATIONS!
Comments contained in the body of this report are technical
opinions only. The material herein has been obtained
from sources believed to be reliable and accurate, however,
its accuracy and completeness cannot be guaranteed.
This site is not an investment advisor, hence it does
not endorse or recommend any securities or other investments.
Any recommendation contained in this report may not
be suitable for all investors and it is not to be deemed
an offer or solicitation on our part with respect to
the purchase or sale of any securities. All trademarks,
service marks and trade names appearing in this report
are the property of their respective owners, and are
likewise used for identification purposes only.
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