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AFTER MARKET UPDATE - TUESDAY, MARCH 26TH, 2024
Previous After Market Report Next After Market Report >>>
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DOW |
-31.31 |
39,282.33 |
-0.08% |
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Volume |
880,705,832 |
+8% |
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Volume |
5,202,574,000 |
+11% |
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NASDAQ |
-68.77 |
16,315.70 |
-0.42% |
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Advancers |
1,229 |
45% |
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Advancers |
1,803 |
42% |
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S&P 500 |
-14.61 |
5,203.58 |
-0.28% |
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Decliners |
1,523 |
55% |
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Decliners |
2,448 |
58% |
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Russell 2000 |
-4.00 |
2,070.16 |
-0.19% |
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52 Wk Highs |
135 |
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52 Wk Highs |
117 |
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S&P 600 |
-1.99 |
1,305.95 |
-0.15% |
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52 Wk Lows |
33 |
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52 Wk Lows |
124 |
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Major Indices Erased Gains Late in Session to Close Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices were trading higher for the majority of Tuesday's session but a late afternoon retreat led the S&P 500 Index to finish -0.3% lower and the Nasdaq Composite Index fell -0.4%. Volume reported was higher that the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by a 5-4 margin on the NYSE and 4-3 on the Nasdaq exchange. There were 57 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 51 on the prior session. New 52-week highs totals outnumbered new 52-week lows on the NYSE but 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 pulled back from its all-time high with a 3rd consecutive loss.
Market participants were reacting to an above-consensus Durable Orders report for February and a weaker than expected Consumer Confidence Index for March that was little changed from February's revised reading.
Meta Platforms (META -1.42%), NVIDIA (NVDA -2.57%), and Broadcom (AVGO -1.49%) each lost ground. Only one of the S&P 500 sectors fell more than 1.0% utilities (-1.1%), meanwhile the energy (-0.8%) and information technology (-0.8%) sectors also fell. The health care (+0.3%), financial (+0.2%), and consumer staples (+0.1%) sectors logged gains.
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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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Commodity-Linked Groups, Tech, and Retail Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.62%) and the Broker/Dealer Index ($XBD -0.21%) both edged lower while the Bank Index ($BKX +0.08) held its ground. The tech sector had a negative bias as the Semiconductor Index ($SOX -0.81%), Networking Index ($NWX -1.22%), and the Biotech Index ($BTK -0.37%) each fell. Commodity-linked groups also had a negative bias as the Gold & Silver Index ($XAU -0.48%), Oil Services Index ($OSX -1.19%), and the Integrated Oil Index ($XOI -1.06%) each lost ground.
![]() PICTURED: The Broker/Dealer Index ($XBD -0.21%) edged lower after hitting new all-time highs last week.
| Oil Services |
$OSX |
89.65 |
-1.08 |
-1.19% |
+6.88% |
| Integrated Oil |
$XOI |
2,106.09 |
-22.52 |
-1.06% |
+13.08% |
| Semiconductor |
$SOX |
4,851.88 |
-39.62 |
-0.81% |
+16.20% |
| Networking |
$NWX |
790.74 |
-9.79 |
-1.22% |
-5.05% |
| Broker/Dealer |
$XBD |
601.02 |
-1.27 |
-0.21% |
+7.85% |
| Retail |
$RLX |
4,458.84 |
-28.00 |
-0.62% |
+14.66% |
| Gold & Silver |
$XAU |
119.46 |
-0.57 |
-0.48% |
-4.96% |
| Bank |
$BKX |
101.57 |
+0.08 |
+0.08% |
+5.78% |
| Biotech |
$BTK |
5,250.47 |
-19.45 |
-0.37% |
-3.11% |
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Consolidating Abover Recent Highs and Above 50-Day Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Arista Networks Inc (ANET -$7.67 or -2.51% to $297.83) pulled back from its all-time high with today's 2nd consecutive loss backed by below-average volume. Its prior highs in the $292 area define initial support to watch above its 50-day moving average (DMA) line ($271). Its color code was changed to yellow after forming a new flat base noted as a riskier "late stage" base.
ANET finished strong after it was highlighted in yellow and new pivot point cited is based on its prior high plus 10 cents in the 10/31/23 mid-day report (read here). It was last covered in detail in this FSU section on 3/01/24 with an annotated graph under the headline, "Best Ever Close for Arista Networks".
Fundamentals remain strong. ANET currently has a 98 Earnings Per Share Rating. Through the Dec '23 quarter it has shown 8 consecutive quarterly comparisons with strong and steady earnings increases above the +25% minimum guideline (C criteria). Annual earnings (A criteria) had a downturn in FY '20 like many companies during the pandemic.
The number of top-rated funds owning its shares rose from 1,758 in Dec '21 to 2,530 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 accumulation over the past 50 days. The high-ranked Computer - Networking firm has a Timeliness Rating of A and a Sponsorship Rating of B. Its small supply of 253.2 million shares (S criteria) in the public float may contribute to greater volatility in the event of institutional buying or selling.
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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
|
$297.83
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-7.67
-2.51% |
$305.50
|
2,448,875
92.03% of 50 DAV
50 DAV is 2,661,000
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$307.74
-3.22%
|
3/18/2024
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$188.84
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PP = $292.76
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MB = $307.40
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Most Recent Note - 3/26/2024 5:22:37 PM
Y - Pulled back from its all-time high with today's 2nd consecutive loss backed by below-average volume. Its prior highs in the $292 area define initial support to watch above its 50 DMA line ($271). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating Abover Recent Highs and Above 50-Day Average - 3/26/2024 |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$129.41
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+0.36
0.28% |
$130.16
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4,214,510
77.69% of 50 DAV
50 DAV is 5,425,000
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$138.28
-6.41%
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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 - 3/25/2024 5:34:38 PM
G - Posted a small gain with light volume today. 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. Its 50 DMA line ($120.55) defines near-term support above prior lows in the $118 area.
>>> 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
-
NASDAQ
Axon Enterprise
Security/Sfty
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$319.16
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+3.69
1.17% |
$320.56
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433,257
87.88% of 50 DAV
50 DAV is 493,000
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$325.63
-1.99%
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11/8/2023
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$220.13
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PP = $223.30
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MB = $234.47
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Most Recent Note - 3/25/2024 9:19:25 AM
G - Posted 6 consecutive small gains hovering near its all-time high. Its 50-day moving average (DMA) line ($279) defines near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High; Spiked Higher Following Earnings - 3/14/2024 |
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C
A
S
I |
TDG
-
NYSE
TransDigm Group
Aerospace/Defense
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$1,223.11
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-0.30
-0.02% |
$1,227.27
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113,046
51.86% of 50 DAV
50 DAV is 218,000
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$1,238.34
-1.23%
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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 - 3/25/2024 5:36:07 PM
G - Volume totals have been cooling while stubbornly holding its ground after wedging to a new all-time high. Its 50 DMA line ($1,140) defines near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched in Tight Range Encountering Distribtion Near All-Time High - 3/15/2024 |
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C
A
S
I |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
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$330.22
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+5.46
1.68% |
$332.50
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2,394,732
58.14% of 50 DAV
50 DAV is 4,119,000
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$365.00
-9.53%
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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 - 3/26/2024 5:36:32 PM
G - Volume totals have been cooling while consolidating above its 50 DMA ($313) 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
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$197.82
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-2.22
-1.11% |
$206.03
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863,269
55.41% of 50 DAV
50 DAV is 1,558,000
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$221.83
-10.82%
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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 - 3/25/2024 5:37:47 PM
G - Very extended from any sound base, consolidating well above its 50 DMA line ($181.56) which 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
-
NASDAQ
Paccar
Trucks and Parts-Hvy Duty
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$123.01
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-0.39
-0.31% |
$123.86
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1,740,461
73.47% of 50 DAV
50 DAV is 2,369,000
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$124.89
-1.51%
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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 - 3/26/2024 5:24:17 PM
G - Pulled back from its all-time high with today's 3rd consecutive loss with below-average volume. Its 50 DMA line ($109) defines near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Hit New High With 5th Consecutive Gain - 3/21/2024 |
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C
A
S
I |
HUBB
-
NYSE
Hubbell
Electrical-Power/Equipmt
|
$413.33
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+0.21
0.05% |
$416.56
|
471,816
109.47% of 50 DAV
50 DAV is 431,000
|
$419.65
-1.51%
|
1/30/2024
|
$343.26
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PP = $336.83
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MB = $353.67
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Most Recent Note - 3/26/2024 5:38:18 PM
G - Perched at its all-time high, very extended from the previously noted base. Its 50 DMA line ($366.73) defines important support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hubbell Perched at All-Time High After 5 Weekly Gains - 3/22/2024 |
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C
A
S
I |
MANH
-
NASDAQ
Manhattan Associates
Computer Sftwr-Enterprse
|
$249.58
|
+1.07
0.43% |
$251.67
|
286,856
76.29% of 50 DAV
50 DAV is 376,000
|
$266.94
-6.50%
|
1/31/2024
|
$240.57
|
PP = $230.71
|
|
MB = $242.25
|
Most Recent Note - 3/25/2024 5:20:07 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($242.87) which defines near-term support. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Manhattan Associates Consolidating Above 50-Day Moving Average - 3/25/2024 |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
|
$291.50
|
-2.10
-0.72% |
$296.82
|
13,382
58.18% of 50 DAV
50 DAV is 23,000
|
$307.48
-5.20%
|
2/9/2024
|
$254.68
|
PP = $265.09
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MB = $278.34
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Most Recent Note - 3/25/2024 5:36:49 PM
G - Pulled back today from its all-time high with a 2nd consecutive loss on lighter volume. It is 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
-
NYSE
ServiceNow
Computer Sftwr-Enterprse
|
$778.57
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+3.93
0.51% |
$788.80
|
909,256
71.20% of 50 DAV
50 DAV is 1,277,000
|
$815.32
-4.51%
|
2/22/2024
|
$771.75
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PP = $815.32
|
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MB = $856.09
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Most Recent Note - 3/25/2024 5:33:28 PM
Y - Posted a 6th consecutive small gain with light volume, quietly consolidating and closing above its 50 DMA line ($767). Prior lows in the $730 area define the next important near-term support to watch.
>>> FEATURED STOCK ARTICLE : NOW Quietly Rebounded Above 50-Day Moving Average Line - 3/20/2024 |
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C
A
S
I |
SNPS
-
NASDAQ
Synopsys
Computer Sftwr-Design
|
$584.24
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-0.08
-0.01% |
$591.27
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1,021,070
77.35% of 50 DAV
50 DAV is 1,320,000
|
$629.38
-7.17%
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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 - 3/26/2024 5:25:46 PM
Y - Perched within striking distance of its all-time high. Near-term support to watch is its 50 DMA line ($559). Previously noted - " A strong volume-driven gain and close above the pivot point is needed to clinch a proper technical buy signal."
>>> FEATURED STOCK ARTICLE : Rallying From Support at 50-Day Moving Average Line - 3/19/2024 |
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C
A
S
I |
PAY
-
NYSE
Paymentus Holdings
Finance-CrdtCard/PmtPr
|
$23.08
|
-0.74
-3.11% |
$23.84
|
383,648
118.05% of 50 DAV
50 DAV is 325,000
|
$25.21
-8.45%
|
3/5/2024
|
$19.97
|
PP = $18.89
|
|
MB = $19.83
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Most Recent Note - 3/26/2024 5:39:31 PM
G - Pulled back from its 52-week high with today's loss on lighter (average) volume. 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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