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AFTER MARKET UPDATE - WEDNESDAY, MARCH 23RD, 2022
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DOW |
-448.96 |
34,358.50 |
-1.29% |
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Volume |
944,477,179 |
-12% |
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Volume |
4,971,379,900 |
-7% |
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NASDAQ |
-186.21 |
13,922.60 |
-1.32% |
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Advancers |
1,102 |
34% |
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Advancers |
1,554 |
35% |
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S&P 500 |
-55.37 |
4,456.24 |
-1.23% |
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Decliners |
2,112 |
66% |
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Decliners |
2,832 |
65% |
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Russell 2000 |
-36.14 |
2,052.21 |
-1.73% |
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52 Wk Highs |
82 |
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52 Wk Highs |
65 |
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S&P 600 |
-24.41 |
1,311.95 |
-1.83% |
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52 Wk Lows |
80 |
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52 Wk Lows |
114 |
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Solid gains from all major market averages came with higher volume coupled with an increase in stocks hitting new 52-week highs last Wednesday - bullish action noted as a late follow-through day confirming a new uptrend (M criteria). Followers of the fact-based investment system know any new buying efforts may be justified only in stocks fitting all key fundamental and technical investment criteria.
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Major Indices Fell With Lighter Volume
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 448 points, while the Nasdaq Composite fell 1.3%. The S&P 500 shed 1.2%, but remains within 7.1% of its January 3 record high. The broad benchmark had recovered roughly half of its losses since January over the prior six sessions, nearly doubling from its pandemic-induced bottom touched on this day two years ago. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, indicating there was not a pickup in institutional selling. Breadth was negative as decliners led advancers by almost a 2-1 margin on the NYSE and on the Nasdaq exchange. There were 22 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, up from the total of 35 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE but 52-week lows still outnumbered new 52-week highs totals on the Nasdaq exchange. The recently noted follow-through day confirmed a new uptrend (M criteria).
Chart courtesy of www.stockcharts.com PICTURED: The Nasdaq Composite Index pulled back with light volume. It recently rebounded above its 50-day moving average (DMA) line.
U.S. stocks finished near session lows on Wednesday, with equities taking a breather from their recent rebound as oil prices resumed their ascent. West Texas Intermediate crude climbed 4.7% to $114.39/barrel amid the expectation that the U.S. and its allies would announce fresh sanctions against Russia.
Treasuries recouped some of their recent decline, with the yield on the 10-year note down nine basis points (0.09%) to 2.29%. However, the benchmark yield touched 2.41% during intraday trading, its highest level since May 2019, while an index of Treasuries is positioned for its worst quarterly performance since at least 1973. Bonds have been pressured amid a chorus of hawkish Federal Reserve commentary, with numerous officials voicing support for a more aggressive pace of monetary policy tightening to combat inflation.
Nine of 11 S&P 500 sectors closed in negative territory, with Energy and Utilities bucking the downtrend. Financials and Health Care led the decline, while homebuilders also lagged following weaker-than-expected data and worries around rising mortgage rates. On the data front, new home sales unexpectedly fell 2% in February after slumping 8.4% in January. In earnings, Adobe Inc. (ADBE -9.34%) fell as a disappointing forecast overshadowed otherwise positive results.
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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, Retail, and Tech Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The tech sector had a negative bias as the Semiconductor Index ($SOX -2.48%), Biotech Index ($BTK -2.43%), and Networking Index ($NWX -1.87%) each lost ground. The Broker/Dealer Index ($XBD -2.12%), Bank Index ($BKX -2.79%), and Retail Index ($RLX -1.61%) suffered losses. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.97%), , and Integrated Oil Index ($XOI +2.27%) posted unanimous gains. PICTURED: The Oil Services Index ($OSX +1.40%) is consolidating above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
78.64 |
+1.09 |
+1.40% |
+49.17% |
| Integrated Oil |
$XOI |
1,581.84 |
+35.09 |
+2.27% |
+34.26% |
| Semiconductor |
$SOX |
3,360.32 |
-85.53 |
-2.48% |
-14.85% |
| Networking |
$NWX |
873.05 |
-16.66 |
-1.87% |
-10.09% |
| Broker/Dealer |
$XBD |
473.13 |
-10.24 |
-2.12% |
-2.82% |
| Retail |
$RLX |
3,859.60 |
-62.97 |
-1.61% |
-8.68% |
| Gold & Silver |
$XAU |
160.55 |
+3.10 |
+1.97% |
+21.21% |
| Bank |
$BKX |
128.53 |
-3.69 |
-2.79% |
-2.79% |
| Biotech |
$BTK |
5,013.22 |
-124.79 |
-2.43% |
-9.16% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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***
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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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