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AFTER MARKET UPDATE - THURSDAY, MARCH 24TH, 2022
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DOW |
+349.44 |
34,707.94 |
+1.02% |
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Volume |
836,325,065 |
-11% |
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Volume |
4,965,784,300 |
-0% |
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NASDAQ |
+269.23 |
14,191.84 |
+1.93% |
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Advancers |
2,102 |
65% |
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Advancers |
2,997 |
66% |
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S&P 500 |
+63.92 |
4,520.16 |
+1.43% |
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Decliners |
1,147 |
35% |
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Decliners |
1,545 |
34% |
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Russell 2000 |
+23.24 |
2,075.44 |
+1.13% |
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52 Wk Highs |
95 |
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52 Wk Highs |
77 |
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S&P 600 |
+10.72 |
1,322.67 |
+0.82% |
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52 Wk Lows |
98 |
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52 Wk Lows |
103 |
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Major Indices Rose With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow added 349 points, while the S&P 500 jumped 1.4%. The Nasdaq Composite rallied 1.9%. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, indicating less conviction in institutional buying efforts. Breadth was positive as advancers led decliners by almost a 2-1 margin on the NYSE and on the Nasdaq exchange. Leadership improved as there were 37 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 22 on the prior session. New 52-week lows outnumbered new 52-week high on the NYSE and on the Nasdaq exchange. The recently noted follow-through day confirmed a new uptrend (M criteria). Strict followers of the fact-based investment system only buy stocks fitting all key fundamental and technical investment criteria.
Chart courtesy of www.stockcharts.com PICTURED: The Dow Jones Industrial Average has seen lighter volume totals since it recently rebounded above its 50-day moving average (DMA) line.
U.S. stocks finished near their best levels on Thursday, extending their recent upward momentum. Treasuries resumed their rout as a chorus of Federal Reserve speakers continued to voice support for a more aggressive path of rate hikes. The yield on the 10-year note added six basis points (0.06%) to 2.35%. Meanwhile, mortgage rates once again surged in the latest week, with the 30-year rate climbing to its highest level since January 2021.
On the data front, unemployment data continued to highlight a tight labor market. Weekly initial jobless claims fell to 187,000, the lowest level since 1969. Separately, flash readings on U.S. business activity from S&P Global showed growth unexpectedly accelerated in March. The composite purchasing managers’ index (PMI) print hit the highest level in eight months. Separately, durable goods orders contracted for the first time in five months in February. In commodities, WTI crude slid 3.3% to $111.16/barrel as the U.S. and the EU neared a deal aimed at curtailing Europe’s dependence on Russian energy exports.
All 11 S&P 500 sectors finished in positive territory, with Technology pacing the gains amid strength in chipmakers. NVIDIA Corp. (NVDA +9.82%) rose after pledging to reinvest excess cash into its core business. Additionally, the company said it would explore a manufacturing partnership with Intel Corp, (INTC +6.94%). Elsewhere, Uber Technologies Inc. (UBER +4.96%) rose after reaching an agreement to list New York City Taxis on their ride-hailing app.
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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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Tech Sector and Financial Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +1.63%) and Bank Index ($BKX +0.65%) both rose and the Retail Index ($RLX +0.16%) also inched higher. The Semiconductor Index ($SOX +5.13%) led the tech sector while the Networking Index ($NWX +2.25%) and Biotech Index ($BTK +1.36%) each posted smaller gains. The Gold & Silver Index ($XAU +0.03%) and Integrated Oil Index ($XOI -0.04%) were little changed and the Oil Services Index ($OSX +0.26%) inched higher. PICTURED: The Semiconductor Index ($SOX +5.13%) has rebounded above its 50-day and 200-day moving average (DMA) lines.
| Oil Services |
$OSX |
78.85 |
+0.21 |
+0.26% |
+49.56% |
| Integrated Oil |
$XOI |
1,581.14 |
-0.70 |
-0.04% |
+34.20% |
| Semiconductor |
$SOX |
3,532.72 |
+172.39 |
+5.13% |
-10.48% |
| Networking |
$NWX |
892.68 |
+19.63 |
+2.25% |
-8.07% |
| Broker/Dealer |
$XBD |
480.84 |
+7.71 |
+1.63% |
-1.24% |
| Retail |
$RLX |
3,865.78 |
+6.18 |
+0.16% |
-8.53% |
| Gold & Silver |
$XAU |
160.60 |
+0.05 |
+0.03% |
+21.25% |
| Bank |
$BKX |
129.36 |
+0.83 |
+0.65% |
-2.16% |
| Biotech |
$BTK |
5,081.24 |
+68.02 |
+1.36% |
-7.92% |
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Holding Ground After Rallying From Prior Base
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
International Money Express (IMXI -$0.33 or -1.54% to $21.12) has recently churned above average volume while holding its ground stubbornly near its all-time high, extended from the previously noted base. Prior highs in the high $18 area define initial support to watch on pullbacks.
IMXI was highlighted in yellow in the 3/08/22 mid-day report (read here) with pivot point cited based on its 8/30/21 high plus 10 cents. It was shown with more details analysis that evening with an annotated graph under the headline, "Volume-Driven Gains Challenged All-Time High". A subsequent gain above the pivot point on March 16th was backed by +283% above average volume triggering a technical buy signal.
Through the Dec '21 quarter the Financial Services-Specialty firm's quarterly and annual earnings (C and A criteria) history has been strong and backed by solid sales revenues growth. The past 6 quarterly comparisons showed earnings increases above the year ago period by more than +25% (C criteria). Annual earnings growth has been strong and it has a 95 Earnings Per Share Rating.
There is a small supply of only 32.4 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 210 in Mar '21 to 250 in Dec '21, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ration of 1.6 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***
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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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