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AFTER MARKET UPDATE - WEDNESDAY, MAY 8TH, 2024
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DOW |
+172.13 |
39,056.39 |
+0.44% |
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Volume |
954,907,416 |
-8% |
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Volume |
4,562,266,100 |
-10% |
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NASDAQ |
-29.80 |
16,302.76 |
-0.18% |
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Advancers |
1,247 |
45% |
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Advancers |
1,917 |
46% |
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S&P 500 |
-0.03 |
5,187.67 |
-0.00% |
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Decliners |
1,541 |
55% |
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Decliners |
2,275 |
54% |
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Russell 2000 |
-9.51 |
2,055.13 |
-0.46% |
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52 Wk Highs |
130 |
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52 Wk Highs |
96 |
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S&P 600 |
-2.88 |
1,314.73 |
-0.22% |
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52 Wk Lows |
33 |
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52 Wk Lows |
84 |
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Conditions are technically still considered a market "correction" (M criteria). Investors are still cautioned about making new buying efforts until a solid follow-through day marked by higher volume is noted confirming a new uptrend.
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Leadership Thinned as Indices Ended Mixed
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite Index lost -0.2% and the Russell 2000 Index underperformed with a -0.5% loss. The S&P 500 Index finished flat while the Dow Jones Industrial Average logged a +0.4% gain. Volume reported was lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Decliners led advancers by a 5-4 margin on the NYSE and by 6-5 on the Nasdaq exchange. There were 65 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page versus 93 on the prior session. New 52-week highs totals contracted yet outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices remain in a market correction (M criteria). Patience is important for all investors until a follow-through day signals a new confirmed uptrend.
PICTURED: The S&P 500 Index is consolidating after rebounding above its 50-day moving average (DMA) line.
Uber (UBER -5.72%) was among the worst performing stocks in the S&P 500 after reporting below-consensus earnings. The S&P 500 industrial sector still eked out a fractional gain. The information technology (+0.2%), financials (+0.4%), and utilities (+1.1%) sectors also closed with gains. The real estate (-0.9%) and materials (-0.4%) sectors registered the largest declines.
Lyft (LYFT +7.11%), Arista Networks (ANET +6.45%), Reddit (RDDT +4.06%), and Anheuser-Busch InBev (BUD +4.00%) were among the winning standouts following their latest earnings reports.
The 10-yr note yield settled three basis points higher at 4.49% and the 2-yr note yield settled one basis point higher at 4.84%. A fresh $42 billion 10-yr note sale attracted weaker demand than Tuesday's 3-yr note auction.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Bank and Networking Indexes Posted Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.34%) finished with a small loss while the Broker/Dealer Index ($XBD +0.10%) inched higher and the Bank Index ($BKX +0.78%) posted a solid gain. The tech sector was mixed as the Networking Index ($NWX +1.12%) led with a solid gain while the Semiconductor Index ($SOX +0.12%) inched higher but the Biotech Index ($BTK -0.87%) lost ground. The Gold & Silver Index ($XAU -0.04%) and the Integrated Oil Index ($XOI -0.04%) both finished flat.
![]() PICTURED: The Oil Services Index ($OSX -0.33%) edged lower after rebounding but meeting resistance at its 50-day and 200-day moving average (DMA) lines.
| Oil Services |
$OSX |
86.49 |
-0.29 |
-0.33% |
+3.11% |
| Integrated Oil |
$XOI |
2,118.28 |
-0.83 |
-0.04% |
+13.74% |
| Semiconductor |
$SOX |
4,790.38 |
+5.50 |
+0.12% |
+14.73% |
| Networking |
$NWX |
755.76 |
+8.34 |
+1.12% |
-9.25% |
| Broker/Dealer |
$XBD |
620.44 |
+0.61 |
+0.10% |
+11.33% |
| Retail |
$RLX |
4,471.73 |
-15.22 |
-0.34% |
+14.99% |
| Gold & Silver |
$XAU |
137.70 |
-0.05 |
-0.04% |
+9.55% |
| Bank |
$BKX |
104.87 |
+0.81 |
+0.78% |
+9.22% |
| Biotech |
$BTK |
5,076.96 |
-44.33 |
-0.87% |
-6.31% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 |  AXON - NASDAQ
Axon Enterprise
Security/Sfty | $311.86 | -0.87
-0.28% | $316.32 | 472,259
82.85% of 50 DAV
50 DAV is 570,000 | $329.87
-5.46%
| 4/5/2024 | $309.90 | PP = $325.73 | | MB = $342.02 |  Most Recent Note - 5/8/2024 5:03:33 PM
Y - Finding support after a gap down testing its 50 DMA line ($310.75) on the prior session. More damaging losses woud raise concerns and trigger a technical sell signal. Reported Mar ''24 quarterly earnings +31% on +34% sales revenues versus the year ago period. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Found Support Near 50-Day Moving Average After Recent Stall - 4/29/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TDG - NYSE
TransDigm Group
Aerospace/Defense | $1,315.00 | +4.60
0.35% | $1,328.15 | 248,041
124.02% of 50 DAV
50 DAV is 200,000 | $1,315.02
-0.00%
| 4/12/2024 | $1,224.21 | PP = $1,246.32 | | MB = $1,308.64 | Most Recent Note - 5/8/2024 5:05:38 PM
G - Posted 6 consecutive gains marked by volume as it rose to new all-time highs above its "max buy" level and its color code is changed to green. Its 50 DMA line ($1,218) defines near-term support to watch on pullbacks. Reported Mar '24 quarterly earnings +34% on +21% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Found Support at 50-Day Moving Average Line and Hit New High - 4/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $372.00 | +0.22
0.06% | $378.45 | 37,281
149.12% of 50 DAV
50 DAV is 25,000 | $377.03
-1.33%
| 2/9/2024 | $254.68 | PP = $265.09 | | MB = $278.34 | Most Recent Note - 5/8/2024 5:06:30 PM
G - Inched higher today for a 9th consecutive gain and yet another new all-time high. Its 50 DMA line ($299) and recent lows define near-term support to watch. Bullish action came after it reported Mar '24 quarterly earnings +31% on +7% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Trading in Tight Range Near High - 4/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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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