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AFTER MARKET UPDATE - FRIDAY, JUNE 7TH, 2024
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DOW |
-87.18 |
38,798.99 |
-0.22% |
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Volume |
837,670,813 |
+1% |
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Volume |
4,938,734,600 |
-4% |
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NASDAQ |
-39.99 |
17,133.13 |
-0.23% |
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Advancers |
735 |
27% |
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Advancers |
1,226 |
29% |
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S&P 500 |
-5.97 |
5,346.99 |
-0.11% |
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Decliners |
2,009 |
73% |
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Decliners |
3,039 |
71% |
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Russell 2000 |
-22.89 |
2,026.55 |
-1.12% |
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52 Wk Highs |
49 |
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52 Wk Highs |
74 |
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S&P 600 |
-14.47 |
1,296.43 |
-1.10% |
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52 Wk Lows |
56 |
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52 Wk Lows |
169 |
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Indices Slump With Less leadership Underpinning Market
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The market-cap weighted S&P 500 fell 0.1% and the other indices suffered similar losses. Volume totals reported were mixed, slightly higher than the prior session on the NYSE and slightly lower on the Nasdaq exchange. Market breadth was negative as decliners led advancers by almost a 3-to-1 margin at the NYSE and by an 5-2 margin at the Nasdaq. There were 19 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page versus the total of 38 on the prior session. New 52-week lows outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria) that recently endured some pressure. Disciplined investors will watch for encouraging new highs totals to see the market showing some broad-based strength and resiience. Any uptrend requires healthy leadership.
PICTURED: The S&P 600 Small Cap Index slumped below its 50-day moving average (DMA) line.
Friday's session brought a sharp jump in market rates. The 10-yr note yield settled 15 basis points higher at 4.43%. The 2-yr note yield jumped 15 basis points to 4.87%. The May Employment Situation Report showed higher than expected payroll and earnings growth.
Four of the S&P 500 sectors closed higher led by financials (+0.4%) and information technology (+0.2%). The utilities (-1.1%) and materials (-1.0%) sectors logged the largest declines. GameStop (GME -36.0%) shares plunged after its earnings report and as the company filed to sell up to 75 million shares of Class A common stock.
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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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Gold & Silver Index Led Decliners
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Gold & Silver Index ($XAU -6.32%) posted a standout decline on Friday. The Retail Index ($RLX -0.43%) and the Broker/Dealer Index ($XBD -0.91%) both lost ground while the Bank Index ($BKX +0.34%) edged higher. The tech sector had a negative bias as the Networking Index ($NWX -1.45%) and the Biotech Index ($BTK -0.89%) both outpaced the Semiconductor Index ($SOX -0.27%) to the downside. The Oil Services ($OSX +0.20%) inched higher.
![]() PICTURED: The Integrated Oil Index ($XOI -0.65%) edged lower, sinking near its 200 DMA line.
| Oil Services |
$OSX |
80.67 |
+0.16 |
+0.20% |
-3.82% |
| Integrated Oil |
$XOI |
2,008.95 |
-13.12 |
-0.65% |
+7.86% |
| Semiconductor |
$SOX |
5,287.24 |
-14.44 |
-0.27% |
+26.63% |
| Networking |
$NWX |
808.19 |
-11.93 |
-1.45% |
-2.96% |
| Broker/Dealer |
$XBD |
624.52 |
-5.77 |
-0.91% |
+12.06% |
| Retail |
$RLX |
4,396.96 |
-19.02 |
-0.43% |
+13.07% |
| Gold & Silver |
$XAU |
136.20 |
-9.18 |
-6.32% |
+8.36% |
| Bank |
$BKX |
102.96 |
+0.34 |
+0.34% |
+7.23% |
| Biotech |
$BTK |
5,246.37 |
-47.36 |
-0.89% |
-3.18% |
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Wedging Into New High Ground
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Novo Nordisk (NVO +$0.48 or +0.34% to $142.88) was highlighted in yellow in the earlier mid-day report with pivot point cited based on its 3/07/24 high. It has been wedging higher without great volume behind a streak of 7 consecutive gains. To clinch a proper technical buy signal gains above the pivot point must be backed by at least +40% above-average volume. Fundamentals remain strong. It showed resilience since dropped from the Featured Stocks list on 5/02/24.
NVO was highlighted in the 11/02/23 mid-day report (read here) with pivot point cited based on its 10/13/23 high plus 10 cents while building on an advanced ascending base. It was last shown in detail in this FSU section on 4/24/24 with an annotated graph under the headline, "Fell Below 50-Day Moving Average Which May Act as Resistance".
NVO reported Mar '24 quarterly earnings +28% on +22% sales revenues versus the year-ago period, its 5th strong quarter well above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been strong and steady. It has a 97 Earnings Per Share Rating, well above the 80+ minimum for buy candidates.
The number of top-rated funds owning its shares rose from 372 in Dec '22 to 562 in Mar '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.4 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a Timeliness Rating of C and an Accumulation/Distribution Rating of A. |
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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 |
TDG
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NYSE
TransDigm Group
Aerospace/Defense
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$1,310.00
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-24.65
-1.85% |
$1,341.65
|
305,705
151.34% of 50 DAV
50 DAV is 202,000
|
$1,369.58
-4.35%
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4/12/2024
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$1,224.21
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PP = $1,246.32
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MB = $1,308.64
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Most Recent Note - 6/6/2024 3:52:40 PM
G - Touched a new all-time high today but again made a "negative reversal". It is extended from any sound base and its 50 DMA line ($1,271) defines near-term support to watch on pullbacks. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Aerospace/Defense Firm Hitting Another All-Time High - 5/21/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
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C
A
S
I |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$322.61
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-5.57
-1.70% |
$330.64
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17,767
71.07% of 50 DAV
50 DAV is 25,000
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$378.78
-14.83%
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2/9/2024
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$254.68
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PP = $265.09
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MB = $278.34
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Most Recent Note - 6/6/2024 9:50:42 PM
G - Suffered a 15th loss in the span of 16 sessions and testing its 50 DMA line ($327) which defines important near-term support to watch. More damaging losses would raise concerns and trigger a technical sell signal. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Streak of Losses Testing 50-Day Moving Average Line - 6/6/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$52.25
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-0.24
-0.46% |
$52.48
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2,620,022
111.11% of 50 DAV
50 DAV is 2,358,000
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$61.06
-14.43%
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5/15/2024
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$51.52
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PP = $51.22
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MB = $53.78
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Most Recent Note - 6/6/2024 3:49:10 PM
G - Negating most of the prior gain with today's big loss raising concerns. Prior highs in the $51 area define initial support to watch above its 50 DMA line.
>>> FEATURED STOCK ARTICLE : Steady Pullback to Below "Max Buy" Level Following Rally - 6/4/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
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C
A
S
I |
DECK
-
NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg
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$1,044.31
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-21.12
-1.98% |
$1,062.63
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248,018
68.51% of 50 DAV
50 DAV is 362,000
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$1,106.89
-5.65%
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5/24/2024
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$1,010.60
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PP = $956.27
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MB = $1,004.08
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Most Recent Note - 6/6/2024 3:50:43 PM
G - Pulling back today with lighter volume. It has been stubbornly holding its ground near its all-time high following noted volume-driven gains, extended from prior highs in the $956 area that define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Big "Breakaway Gap" for Deckers Outdoor - 5/24/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
ELF
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$177.63
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-5.88
-3.20% |
$184.69
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917,084
53.72% of 50 DAV
50 DAV is 1,707,000
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$221.83
-19.93%
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5/24/2024
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$193.79
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PP = $182.73
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MB = $191.87
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Most Recent Note - 6/7/2024 11:45:04 PM
Y - Pulled back again today for a 4th consecutive loss with below-average volume, quietly consolidating below its pivot point after breaking out a "double-bottom" base. Prior low ($177.99 pn 5/31/24) and 50 DMA line ($171) define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Down on Lighter Volume After Breakout From "Double Bottom" Base - 5/29/2024 |
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Company Profile |
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News |
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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 |
PDD
-
NASDAQ
PDD Holdings ADR
Retail-Internet
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$143.90
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+0.07
0.05% |
$144.09
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4,578,332
49.27% of 50 DAV
50 DAV is 9,292,000
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$164.69
-12.62%
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5/24/2024
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$161.85
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PP = $153.09
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MB = $160.74
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Most Recent Note - 6/5/2024 12:33:07 PM
Y - Slumping further below prior highs with today's 4th consecutive loss raising concerns as it negated the breakout after rallying to new 52-week highs with 3 consecutive volume-driven gains clearing a 20-week base. Disciplined investors avoid big losses by selling any stock that falls more than 7-8% below their purchase price.
>>> FEATURED STOCK ARTICLE : Pulled Back Below Prior Highs Raising Concerns - 5/28/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
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$349.12
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+8.63
2.53% |
$349.92
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5,096,773
171.61% of 50 DAV
50 DAV is 2,970,000
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$365.00
-4.35%
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5/28/2024
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$351.47
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PP = $365.10
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MB = $383.36
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Most Recent Note - 6/7/2024 11:46:13 PM
Y - Perched within close striking distance of its prior highs following another volume-driven gain. Rebounded above its 50 DMA line ($318) this week. Bullish action came after it reported Apr '24 quarterly earnings +63% on +33% sales revenues versus the year-ago period, continuing its strong earnings track record. Recent lows define important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Volume-Driven Loss Triggered Technical Sell Signal - 5/30/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
|
$142.88
|
+0.48
0.34% |
$143.73
|
3,511,197
93.21% of 50 DAV
50 DAV is 3,767,000
|
$142.94
-0.04%
|
6/7/2024
|
$143.06
|
PP = $138.38
|
|
MB = $145.30
|
Most Recent Note - 6/7/2024 11:53:01 PM
Y - Color code was changed to yellow with pivot point cited based on its 3/07/24 high. It has been wedging higher without great volume behind a streak of 7 consecutive gains. To clinch a proper technical buy signal gains above the pivot point must be backed by at least +40% above-average volume. Fundamentals remain strong. It showed resilience since dropped from the Featured Stocks list on 5/02/24. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Wedging Into New High Ground - 6/7/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
|
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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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