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AFTER MARKET UPDATE - TUESDAY, JULY 2ND, 2024
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DOW |
+162.33 |
39,331.85 |
+0.41% |
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Volume |
860,690,167 |
-1% |
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Volume |
4,615,661,900 |
-12% |
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NASDAQ |
+149.46 |
18,028.76 |
+0.84% |
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Advancers |
1,824 |
66% |
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Advancers |
2,155 |
51% |
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S&P 500 |
+33.92 |
5,509.01 |
+0.62% |
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Decliners |
949 |
34% |
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Decliners |
2,072 |
49% |
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Russell 2000 |
+3.81 |
2,033.87 |
+0.19% |
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52 Wk Highs |
60 |
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52 Wk Highs |
66 |
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S&P 600 |
+5.10 |
1,291.03 |
+0.40% |
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52 Wk Lows |
64 |
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52 Wk Lows |
211 |
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S&P 500 and Nasdaq Composite Indexes Hit New Records
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices all closed Tuesday's session near their highs of the day, which had the S&P 500 up + 0.6% and closing above 5,500 for the first time. The Nasdaq Composite also hit a fresh all-time high. Volume was lighter that the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was positive as advancers led decliners by almost a 2-1 margin on the NYSE while the mix was even on the Nasdaq exchange. There were 31 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 29 on the prior session. New 52-week lows outnumbered new 52-week highs on the NYSE. New lows outnumbered new highs on the Nasdaq exchange for a 12th consecutive session. The major indices are in a confirmed uptrend (M criteria) that recently endured some pressure. Remember that any uptrend requires healthy leadership.
 PICTURED: The S&P 600 Small Cap Index is consolidating below its 50-day moving average (DMA) line.
The 10-yr note yield dropped four basis points to 4.44% and the 2-yr note yield declined three basis points to 4.74%. Fed Chair Powell spoke at the ECB Forum on Central Banking. A JOLTS - Job Openings Report for May showed an increase in openings to 8.140 million from a downwardly revised 7.919 million (from 8.059 million) in April. Mr. Powell reiterated that some significant progress has been made in lowering inflation but that the Fed wants to be more confident inflation is moving down to 2% before loosening its restrictive stance.
Tesla (TSLA +10.2%) was a standout gainer after it reported better-than-expected Q2 delivery numbers. Apple (AAPL +1.6%), Amazon.com (AMZN +1.4%), and Microsoft (MSFT +0.6%) were also among the influential winners, each hitting a 52-week high today.
Only two of the S&P 500 sectors closed with declines, health care (-0.4%), and energy (-0.2%). The consumer discretionary sector (+1.8%) was the top gainer.
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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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Semiconductor, Retail, and Bank Indexes Led Group Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +1.12%), Broker/Dealer Index ($XBD +0.38%), and the Retail Index ($RLX +0.99%) each posted gains on Tuesday. The Semiconductor Index ($SOX +1.24%) outpaced the Networking Index ($NWX +0.32%) while the Biotech Index ($BTK -0.44%) edged lower. The Integrated Oil Index ($XOI +0.04%) finished flat while the Oil Services Index ($OSX +0.53%) and the Gold & Silver Index ($XAU +0.71%) both posted modest gains.
PICTURED: The Integrated Oil Index ($XOI +0.04%) found support at its 200-day moving average (DMA) line recently and it is now meeting resistance at its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
84.48 |
+0.45 |
+0.53% |
+0.71% |
| Integrated Oil |
$XOI |
2,058.32 |
+0.88 |
+0.04% |
+10.52% |
| Semiconductor |
$SOX |
5,544.99 |
+67.85 |
+1.24% |
+32.80% |
| Networking |
$NWX |
826.70 |
+2.63 |
+0.32% |
-0.73% |
| Broker/Dealer |
$XBD |
636.21 |
+2.40 |
+0.38% |
+14.16% |
| Retail |
$RLX |
4,656.35 |
+45.64 |
+0.99% |
+19.74% |
| Gold & Silver |
$XAU |
137.17 |
+0.97 |
+0.71% |
+9.13% |
| Bank |
$BKX |
106.31 |
+1.18 |
+1.12% |
+10.71% |
| Biotech |
$BTK |
5,250.39 |
-22.97 |
-0.44% |
-3.11% |
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Granite Testing Support at 50-Day Moving Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Granite Construction (GVA +$0.33 or +0.55% to $60.57) has been testing support at its 50-day moving average (DMA) line ($60.42). The prior low ($58.23 on 6/10/23) defines additional near-term support to watch. More damaging losses would raise greater concerns and trigger technical sell signals. GVA was highlighted on the 6/11/24 mid-day report as it was noted that a valid secondary buy point exists up to +5% above the recent high after finding support at its 10 WMA line following a prior breakout. It was shown that evening in this FSU section with an annotated graph under the headline "Granite Construction Found Support at 10-Week Moving Average".
Granite Construction has a 92 Earnings Per Share Rating. It reported solid earnings increases backed by accelerating sales revenues growth in the Jun, Sep, Dec '23, and Mar '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady. It hails from the Bldg-Heavy Construction group which is currently ranked 8th on the 197 Industry Groups list (L criteria). The number of top-rated funds owning its shares rose from 401 in Jun '23 to 413 in Jun '24.
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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
-
NYSE
TransDigm Group
Aerospace/Defense
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$1,278.10
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+25.38
2.03% |
$1,280.04
|
213,942
86.97% of 50 DAV
50 DAV is 246,000
|
$1,369.58
-6.68%
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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 - 6/28/2024 6:57:28 PM
G - Slumped further below its 50 DMA line ($1,298) with heavy volume behind today's 4th consecutive loss raising greater concerns and triggering a technical sell signal. Only a prompt rebound above the 50 DMA line would help its outlook improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Transdigm Consolidating Above 50-Day Moving Average - 6/12/2024 |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$350.80
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+0.62
0.18% |
$352.18
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8,302
34.59% of 50 DAV
50 DAV is 24,000
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$378.78
-7.39%
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6/18/2024
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$356.30
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PP = $378.88
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MB = $397.82
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Most Recent Note - 6/28/2024 6:40:52 PM
Y - Perched within striking distance of all-time high after volume-driven gains. Color code was changed to yellow with new pivot point cited based on its 5/15/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Found prompt support after briefly undercutting its 50 DMA line ($342.57) in recent weeks. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph
>>> FEATURED STOCK ARTICLE : in Striking Distance of All-Time High After Volume-Driven Gains - 6/28/2024 |
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C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$58.67
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+0.88
1.52% |
$58.86
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1,109,668
45.29% of 50 DAV
50 DAV is 2,450,000
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$61.06
-3.91%
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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 - 6/27/2024 6:00:11 PM
G - Consolidating in an orderly fashion but it has not formed a sound base of sufficient length. Important support is at prior highs in the $51 area and its 50 DMA line. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating Above Prior Highs in an Orderly Fashion - 6/27/2024 |
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C
A
S
I |
DECK
-
NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg
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$940.64
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-5.66
-0.60% |
$952.88
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293,728
84.65% of 50 DAV
50 DAV is 347,000
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$1,106.89
-15.02%
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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 - 6/28/2024 6:45:30 PM
G - Pulled back today for a big loss with higher volume and it recently endured distributional pressure. Prior highs in the $956 area define initial support to watch above its 50 DMA line ($940).
>>> FEATURED STOCK ARTICLE : Deckers Consolidating Near High - 6/13/2024 |
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C
A
S
I |
ELF
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$204.23
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+0.07
0.03% |
$206.91
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904,396
53.55% of 50 DAV
50 DAV is 1,689,000
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$221.83
-7.93%
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6/18/2024
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$212.40
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PP = $221.93
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MB = $233.03
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Most Recent Note - 6/28/2024 6:46:38 PM
Y - Pulled back today with higher volume after wedging to a best-ever close on the prior session. Color code was changed to yellow with new pivot point cited based on its 3/04/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Its 50 DMA line ($180) defines important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched Within Striking Distance of All-Time High - 6/20/2024 |
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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 |
PDD
-
NASDAQ
PDD Holdings ADR
Retail-Internet
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$133.88
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+0.90
0.68% |
$134.11
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3,408,295
34.48% of 50 DAV
50 DAV is 9,884,000
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$164.69
-18.71%
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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 - 6/27/2024 6:03:40 PM
G - Color code is changed to green after slumping well below its 50 DMA line ($139.66) with today's 9th consecutive loss. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Still Sputtering Below Pivot Point After Negating Breakout - 6/17/2024 |
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C
A
S
I |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
|
$385.05
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-7.10
-1.81% |
$387.17
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3,190,691
63.57% of 50 DAV
50 DAV is 5,019,000
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$394.64
-2.43%
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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 - 7/2/2024 1:06:29 PM
Y - Volume totals have been cooling while hovering in a tight range near its all-time high and above its "max buy" level. Prior highs in the $358-365 area define initial support to watch above its 50 DMA line ($342.22).. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure Hovering Near All-Time High - 6/21/2024 |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
|
$142.98
|
-2.44
-1.68% |
$143.37
|
5,902,898
156.24% of 50 DAV
50 DAV is 3,778,000
|
$148.15
-3.49%
|
6/7/2024
|
$143.06
|
PP = $138.38
|
|
MB = $145.30
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Most Recent Note - 7/2/2024 12:56:58 PM
Y - Color code is changed to yellow while consolidating back below its "max buy" level. Fundamentals remain strong. Prior highs in the $138 area define initial support to watch above its 50 DMA line ($135.22). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High Following Recent Gap Up With Volume - 7/1/2024 |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
|
$60.57
|
+0.33
0.55% |
$61.10
|
420,975
85.39% of 50 DAV
50 DAV is 493,000
|
$65.08
-6.93%
|
6/11/2024
|
$59.76
|
PP = $64.33
|
|
MB = $67.55
|
Most Recent Note - 7/2/2024 5:43:55 PM
Y - Testing support at its 50 DMA line ($60.31). More damaging losses would raise greater concerns and trigger a technical sell signal. Color code was changed to yellow when highlighted on the 6/11/24 mid-day report as it was noted that a valid secondary buy point exists up to +5% above the recent high after finding support at its 10 WMA line following a prior breakout. Reported improved earnings in the Jun, Sep, Dec '23, and Mar '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Granite Testing Support at 50-Day Moving Average - 7/2/2024 |
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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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