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AFTER MARKET UPDATE - TUESDAY, MARCH 19TH, 2024
Previous After Market Report Next After Market Report >>>
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DOW |
+320.33 |
39,110.76 |
+0.83% |
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Volume |
1,091,242,185 |
-1% |
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Volume |
4,851,640,400 |
-4% |
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NASDAQ |
+63.34 |
16,166.79 |
+0.39% |
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Advancers |
1,903 |
69% |
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Advancers |
2,443 |
58% |
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S&P 500 |
+29.09 |
5,178.51 |
+0.56% |
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Decliners |
872 |
31% |
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Decliners |
1,788 |
42% |
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Russell 2000 |
+10.97 |
2,035.71 |
+0.54% |
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52 Wk Highs |
166 |
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52 Wk Highs |
88 |
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S&P 600 |
+8.81 |
1,291.26 |
+0.69% |
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52 Wk Lows |
37 |
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52 Wk Lows |
127 |
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Major Indices Rose With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices rose on Tuesday and the S&P 500 Index set a new record closing high. Volume reported was lighter that the prior session totals on the NYSE and on the Nasdaq exchange, indicative of less institutional buying demand behind the latest gains. Advancers led decliners by more than a 2-1 margin on the NYSE and by a 4-3 margin on the Nasdaq exchange. There were 66 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 53 on the prior session. New 52-week highs outnumbered the new 52-week lows on the NYSE, but for a fourth concecutive session new lows outnumbered new highs 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 S&P 500 Index is perched near its all time high.
Nine of the 11 S&P 500 sectors ended higher. The real estate sector was unchanged and the communication services sector (-0.2%) was the lone sector in negative territory. The energy sector (+1.1%) was helped by another increase in WTI crude futures ($82.69, +0.52, +0.6%). The rate-sensitive utilities sector (+0.9%) was also strong.
The 2-yr note yield dropped four basis points to 4.69% and the 10-yr note yield fell four basis points to 4.30%. For the FOMC decision Wednesday the Fed is widely expected to leave its target rate unchanged at 5.25-5.50%. The tone Fed Chair Powell has at his press conference will be closely scrutinized. The December dot plot showed a median estimate of three rate cuts before the end of 2024. Any change could provide the element of surprise.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Biotech, and Energy-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.17%) posted an influential gain while the Bank Index ($BKX +0.20%) inched higher and the Broker/Dealer Index ($XBD -0.02%) was unchanged. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU -2.12%) lost ground and energy-linked groups rose with the Oil Services Index ($OSX +2.16%) and the Integrated Oil Index ($XOI +0.87%) both rising. The tech sector was also mixed as the Semiconductor Index ($SOX -0.94%) fell while Biotech Index ($BTK +1.01%) posted a solid gain and the as the Networking Index ($NWX +0.27%) inched higher.
![]() PICTURED: The Gold & Silver Index ($XAU -2.12%) suffered a 2nd consecutive loss while retreating and testing its 200-day moving average (DMA) line.
| Oil Services |
$OSX |
89.43 |
+1.89 |
+2.16% |
+6.62% |
| Integrated Oil |
$XOI |
2,102.65 |
+18.12 |
+0.87% |
+12.90% |
| Semiconductor |
$SOX |
4,712.81 |
-44.80 |
-0.94% |
+12.87% |
| Networking |
$NWX |
779.60 |
+2.11 |
+0.27% |
-6.39% |
| Broker/Dealer |
$XBD |
587.70 |
-0.10 |
-0.02% |
+5.46% |
| Retail |
$RLX |
4,415.68 |
+51.03 |
+1.17% |
+13.55% |
| Gold & Silver |
$XAU |
116.83 |
-2.53 |
-2.12% |
-7.05% |
| Bank |
$BKX |
98.73 |
+0.19 |
+0.20% |
+2.82% |
| Biotech |
$BTK |
5,249.43 |
+52.69 |
+1.01% |
-3.13% |
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Rallying From Support at 50-Day Moving Average Line
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Synopsys Inc (SNPS +$24.08 or +4.30% to $584.71) posted a solid gain today with +14% above average volume, finding support above its 50-day moving average (DMA) line ($550). Volume totals had cooled in recent weeks while consolidating. It has been previously noted - "A strong volume-driven gain and close above the pivot point is needed to clinch a proper technical buy signal."
SNPS reported Jan '24 quarterly earnings +36% on +21% sales revenues versus the year-ago period, its 3rd strong quarter above the +25% minimum earnings guideline (C criteria). Annual earnings growth (A criteria) has been strong and steady. It has a 99 Earnings Per Share Rating, the highest possible. The number of top-rated funds owning its shares rose from 2,896 in Mar '23 to 3,368 in Dec '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.2 is an unbiased indication its shares have been under slight distributiojnal pressure over the past 50 days. It has a Timeliness Rating of B and Sponsorship Rating of B.
SNPS was last shown in this FSU section in detail on 2/22/24 with an annotated graph under the headline, "Gapped Up for New High But Ended Near Session Low". It was highlighted in yellow in the earlier mid-day report (read here) with pivot point cited based on its 2/09/24 high after a cup-with-handle base.
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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
-
N
Arista Networks
Computer-Networking
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$286.92
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-2.40
-0.83% |
$288.24
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5,269,589
210.95% of 50 DAV
50 DAV is 2,498,000
|
$292.66
-1.96%
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3/18/2024
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$188.84
|
PP = $292.76
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MB = $307.40
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Most Recent Note - 3/19/2024 12:08:07 PM
Y - Slumping toward its 50 DMA line after a gap down today, abruptly retreating following a solid volume-driven gain on the prior session for a best-ever close. Color code was changed to yellow after forming a new flat base. Found support at its 50 DMA line ($268.66) during its ongoing ascent. Recently noted with caution - "It may be considered a riskier late-stage base, however, a gain above the pivot point backed by at least +80% above average volume may trigger a new technical buy signal."
>>> FEATURED STOCK ARTICLE : Best Ever Close for Arista Networks - 3/1/2024 |
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C
A
S
I |
NVO
-
N
Novo Nordisk ADR
Medical-Ethical Drugs
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$131.37
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-1.52
-1.14% |
$132.21
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4,388,749
81.38% of 50 DAV
50 DAV is 5,393,000
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$138.28
-5.00%
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3/1/2024
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$124.23
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PP = $124.97
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MB = $131.22
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Most Recent Note - 3/19/2024 11:24:40 AM
G - Volume totals have been cooling while stubbornly holding its ground after rallying from a noted new advanced "3-weeks tight" base with big volume-driven gains. Recent lows in the $118 area define important support to watch coinciding with its 50 DMA line ($118.76).
>>> FEATURED STOCK ARTICLE : Perched at All-Time High After Rallying from Advanced "3-Weeks Tight" - 3/12/2024 |
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C
A
S
I |
AXON
-
N
Axon Enterprise
Security/Sfty
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$312.12
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+3.67
1.19% |
$312.91
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410,657
82.96% of 50 DAV
50 DAV is 495,000
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$325.63
-4.15%
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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 - 3/15/2024 7:26:16 PM
G - Posted a small gain today with heavy volume, still hovering near its all-time high. Bullish action came after it reported Dec '23 quarterly earnings +60% on +29% sales revenues versus the year-ago period. Its 50-day moving average (DMA) line ($272) defines near-term support to watch. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High; Spiked Higher Following Earnings - 3/14/2024 |
View all notes |
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C
A
S
I |
TDG
-
N
TransDigm Group
Aerospace/Defense
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$1,200.92
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+19.92
1.69% |
$1,202.70
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174,657
78.67% of 50 DAV
50 DAV is 222,000
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$1,207.58
-0.55%
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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 - 3/15/2024 7:19:54 PM
G - Pulled back with higher volume yet remains perched near its all-time high after 3 weeks of tight closes. Its 50 DMA line ($1,114) defines near-term support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Perched in Tight Range Encountering Distribtion Near All-Time High - 3/15/2024 |
View all notes |
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C
A
S
I |
CRWD
-
N
CrowdStrike Holdings
Computer Sftwr-Security
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$320.85
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-0.21
-0.07% |
$321.48
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2,924,594
68.48% of 50 DAV
50 DAV is 4,271,000
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$365.00
-12.10%
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1/2/2024
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$246.42
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PP = $261.91
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MB = $275.01
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Most Recent Note - 3/19/2024 11:22:46 AM
G - Pulling back toward its 50 DMA ($308) which recently acted as support. It has not formed a sound base of sufficient length. Fundamentals remain strong after it reported Jan '24 quarterly earnings +102% on +33% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure After Spiking to New High - 3/11/2024 |
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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 |
ELF
-
N
e.l.f. Beauty
Cosmetics/Personal Care
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$190.67
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-6.19
-3.14% |
$195.24
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1,493,727
96.12% of 50 DAV
50 DAV is 1,554,000
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$221.83
-14.05%
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1/2/2024
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$138.23
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PP = $153.63
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MB = $161.31
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Most Recent Note - 3/19/2024 11:21:25 AM
G - Gapped down today, on track for a 4th consecutive loss after getting very extended from any sound base. Its 50 DMA line ($177.69) defines important near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Encountering Distributional Pressure Near All-Time High - 3/8/2024 |
View all notes |
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C
A
S
I |
PCAR
-
N
Paccar
Trucks and Parts-Hvy Duty
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$121.00
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+0.66
0.55% |
$121.23
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1,949,506
82.92% of 50 DAV
50 DAV is 2,351,000
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$120.43
0.47%
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1/23/2024
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$100.35
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PP = $98.57
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MB = $103.50
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Most Recent Note - 3/15/2024 12:45:03 PM
G - Hitting a new all-time high with today's gain, steadily wedging higher with gains lacking great volume conviction. Its 50 DMA line ($105.12) defines near-term support to watch on pullbacks. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Extended From Any Sound Base After 7 Weekly Gains - 2/26/2024 |
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C
A
S
I |
HUBB
-
N
Hubbell
Electrical-Power/Equipmt
|
$396.71
|
-2.90
-0.73% |
$398.11
|
377,464
87.17% of 50 DAV
50 DAV is 433,000
|
$404.15
-1.84%
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1/30/2024
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$343.26
|
PP = $336.83
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MB = $353.67
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Most Recent Note - 3/18/2024 5:07:24 PM
G - Perched at its all-time high, very extended from the previously noted base. Its 50 DMA line ($356.47) defines important support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Inched to New Highs With Average Volume - 2/28/2024 |
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C
A
S
I |
MANH
-
N
Manhattan Associates
Computer Sftwr-Enterprse
|
$247.60
|
+0.60
0.24% |
$249.42
|
428,601
113.99% of 50 DAV
50 DAV is 376,000
|
$266.94
-7.25%
|
1/31/2024
|
$240.57
|
PP = $230.71
|
|
MB = $242.25
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Most Recent Note - 3/18/2024 5:08:57 PM
G - Halted its slide with a small gain today on light volume following 3 straight losses marked by above-average volume. It is extended from the previously noted base. Its 50 DMA line ($238) defines near-term support to watch above prior highs in the $230 area.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High After Streak of Small Gains - 2/29/2024 |
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C
A
S
I |
USLM
-
N
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$301.23
|
+12.45
4.31% |
$302.72
|
34,359
156.18% of 50 DAV
50 DAV is 22,000
|
$298.36
0.96%
|
2/9/2024
|
$254.68
|
PP = $265.09
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MB = $278.34
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Most Recent Note - 3/19/2024 6:59:14 PM
G - Big gain today for a new all-time high was backed by +55% above average volume, getting more extended from the previously noted base. Prior highs in the $265-266 area define initial near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hit New All Time High With Light Volume Behind 5th Straight Gain - 3/13/2024 |
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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 |
NOW
-
N
ServiceNow
Computer Sftwr-Enterprse
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$756.94
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+1.14
0.15% |
$758.32
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1,223,758
95.31% of 50 DAV
50 DAV is 1,284,000
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$815.32
-7.16%
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2/22/2024
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$771.75
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PP = $815.32
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MB = $856.09
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Most Recent Note - 3/15/2024 7:24:49 PM
G - Gapped down today and violated its 50 DMA line ($759) with a volume-driven loss raising concerns and triggering a technical sell signal. Its color code is changed to green. Prior lows in the &30 area define the next important near-term support to watch. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Found Support With a Solid Gap Up from 10-Week Moving Average - 2/23/2024 |
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C
A
S
I |
SNPS
-
N
Synopsys
Computer Sftwr-Design
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$584.71
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+24.08
4.30% |
$585.74
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1,537,646
113.56% of 50 DAV
50 DAV is 1,354,000
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$629.38
-7.10%
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2/22/2024
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$600.65
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PP = $582.85
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MB = $611.99
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Most Recent Note - 3/19/2024 6:57:33 PM
Y - Posted a big gain today with +14% above-average volume, finding support above its 50 DMA line ($550). Volume totals had cooled in recent weeks while consolidating. Previously noted - " A strong volume-driven gain and close above the pivot point is needed to clinch a proper technical buy signal. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Rallying From Support at 50-Day Moving Average Line - 3/19/2024 |
View all notes |
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C
A
S
I |
PAY
-
N
Paymentus Holdings
Finance-CrdtCard/PmtPr
|
$22.39
|
+0.02
0.09% |
$22.59
|
359,776
123.21% of 50 DAV
50 DAV is 292,000
|
$24.99
-10.40%
|
3/5/2024
|
$19.97
|
PP = $18.89
|
|
MB = $19.83
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Most Recent Note - 3/18/2024 5:06:00 PM
G - Pulled back from its 52-week high with today's 3rd consecutive volume-driven loss after getting very extended from the previously noted base. Prior highs in the $18 range define important initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Big Gap Up Gain Triggered Technical Buy Signal - 3/5/2024 |
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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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