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AFTER MARKET UPDATE - WEDNESDAY, JANUARY 24TH, 2024
Previous After Market Report Next After Market Report >>>
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DOW |
-99.06 |
37,806.39 |
-0.26% |
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Volume |
920,167,553 |
+113% |
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Volume |
5,094,456,500 |
+15% |
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NASDAQ |
+55.97 |
15,481.92 |
+0.36% |
|
Advancers |
1,218 |
44% |
|
Advancers |
1,879 |
44% |
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S&P 500 |
+3.95 |
4,868.55 |
+0.08% |
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Decliners |
1,525 |
56% |
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Decliners |
2,388 |
56% |
|
Russell 2000 |
-14.40 |
1,961.86 |
-0.73% |
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52 Wk Highs |
131 |
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52 Wk Highs |
247 |
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S&P 600 |
-8.87 |
1,278.63 |
-0.69% |
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52 Wk Lows |
10 |
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52 Wk Lows |
102 |
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Major Indices Slumped After Early Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite (+0.4%) and S&P 500 (+0.1%) slumped from their early highs yet still posted small gains, meanwhile the Dow Jones Industrial Average -0.3% and the Russell 2000 fell -0.8% on Wednesday's session. Volume was reported higher than the prior session total on the NYSE and lighter on the Nasdaq exchange. Decliners led advancers by a 5-4 margin on the NYSE and 4-3 on the Nasdaq exchange. There were 90 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page versus 139 on the prior session. New 52-week highs totals expanded and outnumbered new 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 is perched -4.5% off its November 2021 all-time high.
Netflix (NFLX +10.70%) rose after beating Q4 subscriber growth estimates. Strong earnings results from ASML (ASML +8.85%) helped offset weakness in Texas Instruments (TXN -2.45%) following its disappointing Q1 guidance. Microsoft (MSFT +0.92%) was a standout winner from the mega cap space, briefly topping a $3 trillion market cap intra-day. Disappointing earnings or guidance from AT&T (T -2.97%), DuPont (DD -14.04%), and Kimberly-Clark (KMB -5.53%) created negative pressure on the market.
Preliminary S&P Global US Manufacturing PMI and S&P Global US Services PMI for January both were in expansion territory (above 50 readings) and acted as support for the stock market in the early going. Treasury yields turned higher in response to a fresh $61 billion 5-yr note auction which met poor demand. The 10-yr note yield climbed four basis points to 4.18% and the 2-yr note yield rose one basis point to 4.37%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial, Semiconductor, and Energy-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +0.61%) and the Bank Index ($BKX +0.94%) both posted gains while the Retail Index ($RLX -0.01%) finished flat. The tech sector was mixed as the Semiconductor Index ($SOX +1.54%) posted a solid gain while the Biotech Index ($BTK -1.37%) and the Networking Index ($NWX -0.48%) both fell. The Gold & Silver Index ($XAU -2.15%) erased the prior session's gain. The Oil Services Index ($OSX +3.08%) and the Integrated Oil Index ($XOI +1.33%) both posted gains.
PICTURED: The Oil Services Index ($OSX +3.08%) posted a solid gain while rebounding above its 50-day moving average line.
| Oil Services |
$OSX |
82.60 |
+2.47 |
+3.08% |
-1.53% |
| Integrated Oil |
$XOI |
1,818.48 |
+23.90 |
+1.33% |
-2.36% |
| Semiconductor |
$SOX |
4,483.33 |
+68.07 |
+1.54% |
+7.37% |
| Networking |
$NWX |
855.89 |
-4.14 |
-0.48% |
+2.77% |
| Broker/Dealer |
$XBD |
549.55 |
+3.33 |
+0.61% |
-1.39% |
| Retail |
$RLX |
3,960.26 |
-0.59 |
-0.01% |
+1.84% |
| Gold & Silver |
$XAU |
112.70 |
-2.48 |
-2.15% |
-10.33% |
| Bank |
$BKX |
95.73 |
+0.89 |
+0.94% |
-0.30% |
| Biotech |
$BTK |
5,175.34 |
-72.12 |
-1.37% |
-4.49% |
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Negative Reversal After New High for United Rentals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
United Rentals Inc (URI -$1.17 or -0.20% to $576.90) had a "negative reversal" today for a loss with above average volume after touching a new all-time high. Its recent low ($533.70) and its 50-day moving average (DMA) line ($525.60) define near-term support to watch. A new pivot point was cited based on its 12/26/23 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new technical buy signal.
URI finished strong after highlighted in yellow in the 12/01/23 mid-day report (read here) with pivot point cited based on its 11/15/23 high after a cup-with-handle base. The gain above the pivot point backed by +51% above average volume triggered a proper technical buy signal. It was last shown in this FSU section on 12/19/23 with an annotated graph under the headline, "Perched Near All-Time High Following Volume-Driven Gains".
URI has a 96 Earnings Per Share Rating. Through Sep '23 its quarterly earnings increases versus the year ago periods have been above the +25% minimum guideline (C criteria). Annual earnings (A criteria) history had a downturn in FY '20 like many companies during the pandemic. Consensus estimates for FY '23 and '24 have been increasing, an encouraging sign.
The number of top-rated funds owning its shares reportedly rose from 2,204 in Sep '23 to 2,251 in Dec '23, not a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.5 is an unbiased indication its shares have been under accumulation over the past 50 days.
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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
|
$262.47
|
+0.43
0.16% |
$266.13
|
2,397,124
145.99% of 50 DAV
50 DAV is 1,642,000
|
$270.63
-3.02%
|
10/31/2023
|
$188.84
|
PP = $198.80
|
|
MB = $208.74
|
Most Recent Note - 1/24/2024 7:11:55 PM
G - Churned higher volume today while hovering near its all-time high, extended from any sound base. Its 50 DMA line ($231.59) defines near-term support above the prior low ($226.60 on 1/04/24) 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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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
|
$105.21
|
-0.16
-0.15% |
$107.03
|
2,536,641
60.74% of 50 DAV
50 DAV is 4,176,000
|
$108.98
-3.46%
|
11/2/2023
|
$100.97
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PP = $104.10
|
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MB = $109.31
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Most Recent Note - 1/24/2024 6:54:17 PM
Y - Volume was light today while consolidating near its all-time high, testing prior highs in the $105 area that define initial support above its 50 DMA line ($102.40).
>>> FEATURED STOCK ARTICLE : Gap Up Gain on Prior Session Triggered Technical Buy Signal - 1/5/2024 |
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News |
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C
A
S
I |
QLYS
-
NASDAQ
Qualys
Computer Sftwr-Security
|
$196.27
|
-1.92
-0.97% |
$200.90
|
233,214
64.96% of 50 DAV
50 DAV is 359,000
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$206.35
-4.88%
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1/24/2024
|
$196.27
|
PP = $206.45
|
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MB = $216.77
|
Most Recent Note - 1/24/2024 7:06:03 PM
Y - Recently wedging toward its prior high after finding support above its 50 DMA line ($189). Color code is changed to yellow with new pivot point cited based upon its 12/19/23 high plus 10 cents.
>>> FEATURED STOCK ARTICLE : Posted Light Volume Gain Finding Support at 50-Day Moving Average - 1/8/2024 |
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C
A
S
I |
AXON
-
NASDAQ
Axon Enterprise
Security/Sfty
|
$251.30
|
-3.71
-1.45% |
$257.34
|
369,300
90.51% of 50 DAV
50 DAV is 408,000
|
$262.95
-4.43%
|
11/8/2023
|
$127.84
|
PP = $223.30
|
|
MB = $234.47
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Most Recent Note - 1/22/2024 5:46:57 PM
G - Posted a 4th consecutive gain with below-average volume and hit a new all-time high. Its 50-day moving average (DMA) line ($241) defines near-term support above prior highs in the $229-231 area.
>>> FEATURED STOCK ARTICLE : Consolidating Well Above Near-Term Support - 1/9/2024 |
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C
A
S
I |
TDG
-
NYSE
TransDigm Group
Aerospace/Defense
|
$1,059.92
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-11.93
-1.11% |
$1,076.94
|
144,715
67.94% of 50 DAV
50 DAV is 213,000
|
$1,077.54
-1.64%
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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 - 1/24/2024 7:09:26 PM
Y - Pulled back from its all-time high with today's 2nd loss with below-average volume. Recently wedged higher with gains lacking great volume conviction.
>>> FEATURED STOCK ARTICLE : Inching to New Highs With 6th Consecutive Gain - 1/11/2024 |
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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
|
$340.20
|
-3.99
-1.16% |
$347.99
|
2,924,210
67.15% of 50 DAV
50 DAV is 4,355,000
|
$350.60
-2.97%
|
1/10/2024
|
$313.65
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PP = $318.00
|
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MB = $333.90
|
Most Recent Note - 1/24/2024 6:58:39 PM
Y - Perched near its all-time high, stubbornly holding its ground with recent volume totals below average. A valid secondary buy point exists up to 5% above the prior high after finding support at its 10 WMA line since the prior breakout. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Paused After 6 Gains to a New All-Time High - 1/17/2024 |
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News |
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C
A
S
I |
URI
-
NYSE
United Rentals
Comml Svcs-Leasing
|
$576.90
|
-1.17
-0.20% |
$591.67
|
957,828
145.57% of 50 DAV
50 DAV is 658,000
|
$585.94
-1.54%
|
1/24/2024
|
$576.90
|
PP = $585.60
|
|
MB = $614.88
|
Most Recent Note - 1/24/2024 6:52:33 PM
Y - There was a "negative reversal" today after hitting a new all-time high. Color code is changed to yellow with new pivot point cited based on its 12/26/23 high plus 10 cents. Its prior low ($533.70) and 50 DMA line ($525.60) define near-term support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High Following Volume-Driven Gains - 12/19/2023 |
View all notes |
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C
A
S
I |
AMPH
-
NASDAQ
Amphastar Pharm
Medical-Biomed/Biotech
|
$55.22
|
-0.23
-0.41% |
$56.13
|
210,840
42.17% of 50 DAV
50 DAV is 500,000
|
$67.66
-18.39%
|
12/4/2023
|
$60.84
|
PP = $58.35
|
|
MB = $61.27
|
Most Recent Note - 1/23/2024 8:10:27 PM
G - Volume totals have been cooling while still lingering below its 50 DMA line. A rebound above the 50 DMA line ($57.69) is needed for its outlook to improve. 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
|
$41.22
|
+0.25
0.61% |
$42.17
|
377,652
94.65% of 50 DAV
50 DAV is 399,000
|
$42.46
-2.92%
|
1/22/2024
|
$40.87
|
PP = $42.56
|
|
MB = $44.69
|
Most Recent Note - 1/24/2024 7:08:07 PM
Y - Posted a 6th consecutive gain today and challenged its all-time high. Due to report Dec '23 quarterly results. Volume and volatility often increase near earnings news. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal.
>>> 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
|
$474.84
|
-2.16
-0.45% |
$480.96
|
1,399,365
92.61% of 50 DAV
50 DAV is 1,511,000
|
$516.39
-8.05%
|
12/8/2023
|
$490.61
|
PP = $485.93
|
|
MB = $510.23
|
Most Recent Note - 1/23/2024 8:11:28 PM
Y - Still consolidating just above its 50 DMA line ($471) which defines important near-term support to watch. Retreat below its 2021 high of $485 raised concerns, negating 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
|
$300.35
|
+3.08
1.04% |
$307.55
|
4,352,925
130.02% of 50 DAV
50 DAV is 3,348,000
|
$302.00
-0.55%
|
1/2/2024
|
$246.42
|
PP = $261.91
|
|
MB = $275.01
|
Most Recent Note - 1/22/2024 12:24:18 PM
G - Extended from any sound base and hitting another new all-time high with today's 3rd consecutive gain. Prior high in the $261 area defines initial support to watch on pullbacks. Fundamentals remain strong.
>>> 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
|
$154.87
|
-1.31
-0.84% |
$159.00
|
782,021
52.80% of 50 DAV
50 DAV is 1,481,000
|
$164.71
-5.97%
|
1/2/2024
|
$138.23
|
PP = $153.63
|
|
MB = $161.31
|
Most Recent Note - 1/22/2024 12:28:29 PM
Y - Rebounded from the early low today but pulled back below the pivot point with recent losses raising some concerns. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Pulled Back After Closing 3 Weeks Tight - 1/2/2024 |
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C
A
S
I |
KOF
-
NYSE
Coca Cola Femsa Sab Ads
FOOD and BEVERAGE - Beverages - Soft Drinks
|
$89.88
|
-0.95
-1.05% |
$92.45
|
113,524
81.79% of 50 DAV
50 DAV is 138,800
|
$99.34
-9.52%
|
1/12/2024
|
$93.38
|
PP = $99.34
|
|
MB = $104.31
|
Most Recent Note - 1/22/2024 5:52:23 PM
Y - Pulled back with light volume testing its 50 DMA line ($89.56). Color code was changed to yellow as a valid secondary buy point was noted up to +5% above the recent high since finding support at its 10 WMA line after an earlier breakout. Its Relative Strength Rating is currently 80, right at the 80+ minimum guideline for buy candidates.
>>> FEATURED STOCK ARTICLE : Secondary Buy Point Noted After Finding Support - 1/12/2024 |
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C
A
S
I |
PCAR
-
NASDAQ
Paccar
Trucks and Parts-Hvy Duty
|
$100.83
|
-0.18
-0.18% |
$102.22
|
3,385,192
150.39% of 50 DAV
50 DAV is 2,251,000
|
$101.31
-0.47%
|
1/23/2024
|
$100.35
|
PP = $98.57
|
|
MB = $103.50
|
Most Recent Note - 1/24/2024 7:02:14 PM
Y - Paused today after 6 consecutive gains. Triggered a technical buy signal on the prior session with a considerable gain backed by +153% above average volume. Reported Dec '23 quarterly earnings +53% on +11% sales revenues versus the year-ago period, its 9th quarterly comparison with better than the +25% minimum earnings guideline (C criteria). There was a downturn in FY' 20 annual earnings (A criteria) like many companies during the pandemic.
>>> FEATURED STOCK ARTICLE : Volume-Driven Breakout for Paccar - 1/23/2024 |
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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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