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AFTER MARKET UPDATE - FRIDAY, JULY 26TH, 2024
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DOW |
+654.27 |
40,589.34 |
+1.64% |
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Volume |
890,193,661 |
-19% |
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Volume |
5,377,597,200 |
-13% |
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NASDAQ |
+176.16 |
17,357.88 |
+1.03% |
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Advancers |
2,213 |
81% |
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Advancers |
3,083 |
73% |
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S&P 500 |
+59.88 |
5,459.10 |
+1.11% |
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Decliners |
519 |
19% |
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Decliners |
1,164 |
27% |
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Russell 2000 |
+37.09 |
2,260.07 |
+1.67% |
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52 Wk Highs |
203 |
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52 Wk Highs |
241 |
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S&P 600 |
+25.39 |
1,429.35 |
+1.81% |
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52 Wk Lows |
17 |
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52 Wk Lows |
71 |
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Major Indices Rallied With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 (+1.1%), the Nasdaq Composite (+1.0%), the Dow Jones Industrial Average (+1.6%), and the Russell 2000 (+1.7%) each closed more than +1.0% higher in a broad advance on Friday. Volume reported was lighter than the prior session total on the NYSE and on the Nasdaq exchange, indicative of lackluster buying demand from the institutional crowd. Breadth was positive as advancers led decliners by a 4-1 margin on the NYSE and by nearly 3-1 on the Nasdaq exchange. There were 112 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 70 on the prior session. New 52-week highs totals expanded and outnumbered shrinking new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in an uptrend that has been encountering pressure (M criteria). Remember that any uptrend requires healthy leadership and it remains important for a continuing flow of stocks hitting new highs.
PICTURED: The S&P 600 Small Cap Index posted a gain on Friday finishing near its 2024 high.
The June Personal Income and Spending Report showed some fairly steady behavior in the PCE and core-PCE price indexes on a year-over-year basis. The 10-yr note yield settled six basis points lower at 4.20%. The 2-yr note yield settled five basis points lower at 4.39%.
In earnings news, 3M (MMM +23.0%), Mohawk (MHK +19.5%), Charter Comm (CHTR +16.6%), and Norfolk Southern (NSC +10.9%) were among the winning standouts. Meanwhile, Dexcom (DXCM -40.7%) logged the largest decline in the S&P 500 by a big margin after disappointing FY24 revenue guidance.
All 11 S&P 500 sectors closed higher. The industrial (+1.7%) and materials (+1.7%) sectors led the pack while the energy sector logged the slimmest gain, up 0.4%.
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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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Retail, Bank, Tech, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.50%) and the Bank Index ($BKX +0/99%) both posted solid gains while the Broker/Dealer Index ($XBD -0.30%) finished slightly lower. The tech sector had a positive bias as the Semiconductor Index ($SOX +1.99%) and the Networking Index ($NWX +1.91%) both posted solid gains and the Biotech Index ($BTK +0.59%) posted smaller gain. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +0.70%), Oil Services Index ($OSX +0.71%) and the Integrated Oil Index ($XOI +0.25%) each posted a small gain.
PICTURED: The Integrated Oil Index ($XOI +0.25%) rebounded above its 50-day moving average (DMA) line after finding support above its 200 DMA line.
| Oil Services |
$OSX |
91.11 |
+0.65 |
+0.71% |
+8.62% |
| Integrated Oil |
$XOI |
2,047.90 |
+5.18 |
+0.25% |
+9.96% |
| Semiconductor |
$SOX |
5,103.13 |
+97.77 |
+1.95% |
+22.22% |
| Networking |
$NWX |
904.02 |
+16.95 |
+1.91% |
+8.55% |
| Broker/Dealer |
$XBD |
663.68 |
-1.98 |
-0.30% |
+19.09% |
| Retail |
$RLX |
4,471.01 |
+66.20 |
+1.50% |
+14.97% |
| Gold & Silver |
$XAU |
146.78 |
+1.03 |
+0.70% |
+16.78% |
| Bank |
$BKX |
115.30 |
+1.08 |
+0.95% |
+20.08% |
| Biotech |
$BTK |
5,694.92 |
+33.41 |
+0.59% |
+5.10% |
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Encountered Distributional Pressure When Poised to Break Out
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Texas Roadhouse (TXRH +$3.36 or +2.02% to $169.38) was highlighted in yellow with pivot point cited based on its 6/28/24 high plus 10 cents in the earlier mid-day report. It gapped up rebounding from below its 50-day moving average (DMA) line and rose within close striking distance of its all-time high, however it finished near the session low, action indicative of distributional pressure. Subsequent gains and a close above the pivot point backed by at least +40% above average volume may trigger a proper technical buy signal.
TXRH has a 96 Earnings Per Share Rating, well above the 80+ minimum guideline for buy candidates. It reported Jun '24 quarterly earnings +47% on +15% sales revenues versus the year-ago period. Sequential quarterly comparisons show impressive earnings growth rate acceleration. Annual earnings growth has been strong since a downturn in FY '20.
The number of top-rated funds owning its shares rose from 682 in Sep '23 to 733 in Jun '24, 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 accumulation over the past 50 days.
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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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$1,234.86
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+6.44
0.52% |
$1,253.19
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207,898
85.20% of 50 DAV
50 DAV is 244,000
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$1,369.58
-9.84%
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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 - 7/24/2024 3:30:36 PM
G - Gapped down today after rebounding but meeting resistance at its 50 DMA line ($1,297.53) which is now downward sloping. It is -8.3% off its all-time high. A rebound above the 50 DMA line is needed to improve its outlook. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Lingering Below 50-Day Moving Average But Only -7% Off High - 7/10/2024 |
View all notes |
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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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$83.93
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+2.18
2.67% |
$84.62
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101,888
96.12% of 50 DAV
50 DAV is 106,000
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$85.10
-1.37%
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6/18/2024
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$71.26
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PP = $75.77
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MB = $79.56
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Most Recent Note - 7/26/2024 6:43:31 PM
G - Posted a gain today with near average volume for its 2nd best ever close near its all-time high. Color code was changed to green after rising above its "max buy" level. Found support while consolidating above its 50 DMA line ($72.59). Do not be confused as shares split 5:1 (Featured Price and Pivot Point were adjusted).
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 |
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C
A
S
I |
CLS
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NYSE
Celestica
Elec-Contract Mfg
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$52.67
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+1.60
3.13% |
$54.50
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3,247,892
147.56% of 50 DAV
50 DAV is 2,201,000
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$63.49
-17.04%
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7/6/2024
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$57.62
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PP = $61.16
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MB = $64.22
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Most Recent Note - 7/26/2024 6:48:57 PM
G - Halted its slide with today's gain following 2 damaging volume-driven losses. A rebound above its 50 DMA line ($56.20) line is needed for its outlook to improve. Repeatedly noted - "A gain backed by at least +40% above average volume and a close above the new pivot point cited based on its 5/28/24 high plus 10 cents may trigger a proper technical buy signal. Important support is at its 50 DMA line ($54.60)."
>>> FEATURED STOCK ARTICLE : Testing 50-Day Moving Average Line After Wedging to New High - 7/19/2024 |
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News |
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C
A
S
I |
NVO
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NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$126.73
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-1.13
-0.88% |
$128.26
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3,177,252
84.23% of 50 DAV
50 DAV is 3,772,000
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$148.15
-14.46%
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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 - 7/24/2024 3:32:58 PM
G - Abruptly slumped below its 50 DMA line ($138.56) with heavier volume behind damaging losses last week raising 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 : Violation of 50-Day Moving Average Line Raised Concerns - 7/24/2024 |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
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$68.83
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+2.45
3.69% |
$68.91
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1,152,620
173.33% of 50 DAV
50 DAV is 665,000
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$68.71
0.17%
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6/11/2024
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$59.76
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PP = $64.33
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MB = $67.55
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Most Recent Note - 7/26/2024 6:45:10 PM
G - Posted another gain backed by above-average volume rallying further above its "max buy" level to another new all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($62.43).
>>> FEATURED STOCK ARTICLE : Granite Testing Support at 50-Day Moving Average - 7/2/2024 |
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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 |
DDOG
-
NASDAQ
Datadog Inc
Computer Sftwr-Enterprse
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$118.31
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-2.00
-1.66% |
$121.46
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3,817,375
104.86% of 50 DAV
50 DAV is 3,640,300
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$138.61
-14.65%
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7/9/2024
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$126.92
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PP = $138.71
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MB = $145.65
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Most Recent Note - 7/24/2024 3:28:51 PM
G - Color code is changed to green today while sinking below its 50 DMA line ($120.95) testing important support is at its 200 DMA line ($117.86). More damaging losses would raise serious concerns and trigger a worrisome technical sell signal. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Consolidating Within Close Range of 52-Week High - 7/9/2024 |
View all notes |
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C
A
S
I |
MMYT
-
NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$92.24
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+2.69
3.00% |
$94.08
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670,668
84.25% of 50 DAV
50 DAV is 796,000
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$100.22
-7.96%
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7/23/2024
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$96.92
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PP = $93.39
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MB = $98.06
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Most Recent Note - 7/26/2024 6:46:38 PM
Y - Posted a gain today with below average volume. Finished strong after highlighted in yellow in the 7/23/24 mid-day report with pivot point cited based on its 7/10/24 high plus 10 cents. Triggered a technical buy signal as it powered to a new all-time high.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 |
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C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
|
$169.38
|
+3.36
2.02% |
$175.00
|
1,482,373
190.78% of 50 DAV
50 DAV is 777,000
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$175.72
-3.61%
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7/26/2024
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$173.08
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PP = $175.82
|
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MB = $184.61
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Most Recent Note - 7/26/2024 6:41:58 PM
Y - Encountered distributional pressure after highlighted in yellow with pivot point cited based on its 6/28/24 high plus 10 cents in the earlier mid-day report. Gapped up rebounding from below its 50 DMA line and back within close striking distance of its all-time high. Subsequent gains and a close above the pivot point backed by at least +40% above average volume may trigger a proper technical buy signal. Reported Jun '24 quarterly earnings +47% on +15% sales revenues versus the year-ago period. Sequential quarterly comparisons show impressive earnings growth rate acceleration. Annual earnings growth has been strong since a downturn in FY '20. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
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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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