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AFTER MARKET UPDATE - WEDNESDAY, JULY 3RD, 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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Major indices Rise For New Records Again
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) pushed further into record territory on this holiday-shortened session. Markets are closed on Thursday for Independence Day. The Russell 2000 (+0.1%) and S&P Mid Cap 400 (+0.3%) also closed with gains. The price-weighted Dow Jones Industrial Average (-0.1%) closed slightly lower than yesterday due to a decline in its top weighted component, United Healthcare (UNH -1.7%). 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 36 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 31 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 13th 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 Nasdaq Composite Index is at its all-time high.
Solid gains in the mega cap space had an outsized impact on index gains with NVIDIA (NVDA +4.6%), Broadcom (AVGO +4.3%), and Tesla (TSLA +6.5%) creating a lot of lift. The S&P 500 information technology sector led the 11 sectors, up +1.5% for the day. The materials (+0.8%) and utilities (+06%) sectors were also top performers. The health care sector (-0.7%) saw the largest decline due to losses in UNH, Eli Lilly (LLY 898.10, -8.61, -1.0%), and others.
The ADP Employment Change Report reflected slowing growth in payrolls and the ISM Non-Manufacturing Index reflected a contraction in service sector activity (i.e. below-50 reading).
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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 and Semiconductor Indexes Posted Big Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.97%) slumped and the Bank Index ($BKX -0.36%) edged lower while the Broker/Dealer Index ($XBD +0.37%). The Semiconductor Index ($SOX +1.92%) outpaced the Networking Index ($NWX +0.90%) while the Biotech Index ($BTK -0.36%) edged lower. The Integrated Oil Index ($XOI +0.47%) the Oil Services Index ($OSX +0.87%) edged higher and the Gold & Silver Index ($XAU +3.61%) posted a standout gain.
PICTURED: The Networking Index ($NWX +0.90%) is rising after consolidating above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
85.21 |
+0.74 |
+0.87% |
+1.59% |
| Integrated Oil |
$XOI |
2,068.04 |
+9.73 |
+0.47% |
+11.04% |
| Semiconductor |
$SOX |
5,651.72 |
+106.73 |
+1.92% |
+35.36% |
| Networking |
$NWX |
834.16 |
+7.46 |
+0.90% |
+0.16% |
| Broker/Dealer |
$XBD |
638.54 |
+2.33 |
+0.37% |
+14.58% |
| Retail |
$RLX |
4,611.09 |
-45.26 |
-0.97% |
+18.57% |
| Gold & Silver |
$XAU |
142.11 |
+4.95 |
+3.61% |
+13.07% |
| Bank |
$BKX |
105.79 |
-0.52 |
-0.49% |
+10.17% |
| Biotech |
$BTK |
5,231.31 |
-19.08 |
-0.36% |
-3.46% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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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$1,283.50
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+5.40
0.42% |
$1,288.15
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108,123
44.13% of 50 DAV
50 DAV is 245,000
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$1,369.58
-6.29%
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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 |
View all notes |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$356.09
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+5.29
1.51% |
$356.11
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5,365
22.35% of 50 DAV
50 DAV is 24,000
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$378.78
-5.99%
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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 |
View all notes |
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C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$58.53
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-0.14
-0.24% |
$59.77
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1,014,600
42.92% of 50 DAV
50 DAV is 2,364,000
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$61.06
-4.14%
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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 |
View all notes |
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C
A
S
I |
DECK
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NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg
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$935.69
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-4.95
-0.53% |
$953.03
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165,968
48.25% of 50 DAV
50 DAV is 344,000
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$1,106.89
-15.47%
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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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$202.02
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-2.21
-1.08% |
$205.35
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580,348
35.09% of 50 DAV
50 DAV is 1,654,000
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$221.83
-8.93%
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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 |
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Max Buy |
PDD
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NASDAQ
PDD Holdings ADR
Retail-Internet
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$137.34
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+3.46
2.58% |
$138.60
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5,437,761
55.62% of 50 DAV
50 DAV is 9,776,000
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$164.69
-16.61%
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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
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$387.18
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+2.13
0.55% |
$390.08
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1,456,774
29.01% of 50 DAV
50 DAV is 5,021,000
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$394.64
-1.89%
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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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News |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$138.87
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-4.11
-2.87% |
$141.52
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7,455,753
195.84% of 50 DAV
50 DAV is 3,807,000
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$148.15
-6.26%
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6/7/2024
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$143.06
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PP = $138.38
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MB = $145.30
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Most Recent Note - 7/3/2024 12:43:31 PM
Y - Pulling back for a 2nd consecutive volume-driven loss. Color code was 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 ($135.47). 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
|
$61.69
|
+1.12
1.85% |
$61.85
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158,763
32.07% of 50 DAV
50 DAV is 495,000
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$65.08
-5.21%
|
6/11/2024
|
$59.76
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PP = $64.33
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MB = $67.55
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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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