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AFTER MARKET UPDATE - MONDAY, AUGUST 5TH, 2024
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DOW |
-1,033.99 |
38,703.27 |
-2.60% |
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Volume |
1,318,244,092 |
+8% |
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Volume |
6,980,261,300 |
+8% |
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NASDAQ |
-576.08 |
16,200.08 |
-3.43% |
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Advancers |
208 |
8% |
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Advancers |
692 |
16% |
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S&P 500 |
-160.23 |
5,186.33 |
-3.00% |
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Decliners |
2,559 |
92% |
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Decliners |
3,641 |
84% |
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Russell 2000 |
-70.15 |
2,039.16 |
-3.33% |
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52 Wk Highs |
39 |
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52 Wk Highs |
89 |
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S&P 600 |
-43.60 |
1,306.74 |
-3.23% |
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52 Wk Lows |
216 |
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52 Wk Lows |
602 |
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Weak action has been noted as a more worrisome market correction (M criteria). Disciplined investors know to avoid new buying efforts during market corrections and to reduce exposure by selling any weakening stocks on a case-by-case basis.
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Major Indices Sink into a More Worrisome Correction
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow Jones Industrial Average settled 2.6% lower, the S&P 500 sank 3.0%, and the Nasdaq Composite registered a 3.4% loss. Volume reported was higher than the prior session total on the NYSE and lighter on the Nasdaq exchange, indicative of an increase in institutional selling pressure. Decliners led advancers by a 12-1 margin on the NYSE and by almost a 6-1 margin on the Nasdaq exchange. There were only 6 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page. New 52-week highs totals contracted and were solidly outnumbered by expanding new 52-week lows totals on the NYSE and the Nasdaq exchange. The major indices are in a market correction (M criteria). Disciplined investors know that in corrections it is wise to reduce market exposure by selling any weakening stocks on a case-by-case basis.
 PICTURED: The Dow Jones Industrial Average violated its 50-day moving average (DMA) line with a 3rd straight damaging volume-driven loss. The deterioration raised greater concerns for the broader market outlook.
A better-than-expected report came in for the ISM Non-Manufacturing Index for July, however, a global sell-off that began late last week continued. Japan's Nikkei slumped 12% overnight, action related to an unwinding of the yen carry trade following a rapid strengthening in the yen against the dollar.
Only 22 of the S&P 500 components closed higher than Friday. All 30 Dow components fell. The 11 S&P 500 sectors closed with losses ranging from -1.7% (industrials) to 3.8% (information technology). NVIDIA (NVDA -6.4%) suffered another sizable loss following news that a chip has been delayed. The S&P 500 ultimately settled -9.3% below its high close on July 16.
The 10-yr note yield settled one basis point lower at 3.79% and the 2-yr note yield settled one basis point higher at 3.88%. The price action in Treasuries had the 2-yr yield briefly move below the 10-yr note yield for the first time in about 2 years. |
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, Financial, Tech, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -3.36%), Broker/Dealer Index ($XBD -2.94%) and the Bank Index ($BKX -2.67%) each ended solidly in the red on Monday. The tech sector was widely lower as the Semiconductor Index ($SOX -1.92%), Networking Index ($NWX -3.85%) and the Biotech Index ($BTK -2.69%) each lost ground. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -3.52%), Oil Services Index ($OSX -3.60%) and the Integrated Oil Index ($XOI -1.07%) posted unanimous losses.
PICTURED: The Retail Index ($RLX -3.36%) suffered a 3rd consecutive loss from above its 50-day moving average (DMA) line and violated its 200-day moving average (DMA) line.
| Oil Services |
$OSX |
80.70 |
-3.01 |
-3.60% |
-3.79% |
| Integrated Oil |
$XOI |
1,911.24 |
-34.88 |
-1.79% |
+2.62% |
| Semiconductor |
$SOX |
4,519.45 |
-88.31 |
-1.92% |
+8.24% |
| Networking |
$NWX |
859.75 |
-34.41 |
-3.85% |
+3.24% |
| Broker/Dealer |
$XBD |
600.15 |
-18.17 |
-2.94% |
+7.69% |
| Retail |
$RLX |
4,095.19 |
-142.37 |
-3.36% |
+5.31% |
| Gold & Silver |
$XAU |
140.39 |
-5.12 |
-3.52% |
+11.70% |
| Bank |
$BKX |
103.52 |
-2.84 |
-2.67% |
+7.81% |
| Biotech |
$BTK |
5,545.59 |
-153.18 |
-2.69% |
+2.34% |
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Finished Flat When Poised to Breakout
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Mercadolibre Inc (MELI -$0.14 or -0.01% to $1,776.00) finished flat after highlighted in yellow with pivot point cited based on its 5/20/24 high plus 10 cents in the earlier mid-day report (read here). It found prompt support at its 200-day moving average (DMA) line ($1,578) last week and challenged its 52-week high with today's early gain. Subsequent gains and a strong close above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. MELI has a highest possible Earnings Per Share Rating of 99. It reported Jun '24 quarterly earnings +103% on +42% sales revenues versus the year ago period. Three of the 4 latest quarterly comparisons have shown strong sales revenues and earnings increases well above the +25% minimum guideline (C criteria). Following losses in FY '18 -'20 and annual earnings (A criteria) have improved greatly. The Latin American Retail - Internet firm has seen top-rated funds owning an interest in the company's shares rise from 2,690 in Sep '23 to 3,010 in Jun '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.9provides an unbiased indication that its shares have been under slight distributional pressure over the past 50 days. Charts courtesy www.stockcharts.com
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 Inc
AEROSPACE/DEFENSE - Aerospace/Defense Products and; Services | $1,209.45 | -2.82
-0.23% | $1,218.75 | 439,954
179.65% of 50 DAV
50 DAV is 244,900 | $1,369.58
-11.69%
| 7/31/2024 | $1,294.22 | PP = $1,369.68 | | MB = $1,438.16 |  Most Recent Note - 8/5/2024 8:54:50 PM
Suffered a 2nd volume-driven loss today while sinking further below its 50 DMA line ($1,288) to new lows. A rebound above the 50 DMA line is needed for its outlook to improve. It will be dropped from the Featured Stocks list tonight.
>>> FEATURED STOCK ARTICLE : Slump to New Lows Hurts Outlook - 8/2/2024 | 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 | $74.04 | -4.03
-5.16% | $75.62 | 117,624
116.46% of 50 DAV
50 DAV is 101,000 | $87.13
-15.02%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 8/5/2024 8:57:44 PM
G - Gapped down today for a big volume-driven loss raising concerns then rebounded after deeply undercutting its 50 DMA line ($73.57) to close in the upper third of its intra-day range. 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 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $68.90 | -0.62
-0.89% | $69.29 | 867,791
120.19% of 50 DAV
50 DAV is 722,000 | $73.01
-5.63%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 8/5/2024 8:48:58 PM
G - Pulled back today yet finished near the session high with just a small loss backed by +20% above average volume. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.20).
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $83.92 | -0.97
-1.14% | $84.20 | 1,215,012
161.36% of 50 DAV
50 DAV is 753,000 | $100.22
-16.26%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/5/2024 8:52:40 PM
Y - Gapped down today considerably undercutting its 50 DMA line ($84.17) then rebounded to close near that important short-term average, ending near the session high. More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants | $161.99 | -4.14
-2.49% | $164.40 | 1,140,582
136.76% of 50 DAV
50 DAV is 834,000 | $177.72
-8.85%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/5/2024 8:56:34 PM
G - Gapped down today for a volume-driven loss, slumping further below its 50 DMA line and undercutting the prior lows raising greater concerns. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note 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 | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $86.75 | -3.41
-3.78% | $87.42 | 6,636,695
219.83% of 50 DAV
50 DAV is 3,019,000 | $97.29
-10.83%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/5/2024 8:50:26 PM
Y - Pulled back today for a 3rd volume-driven loss testing prior highs in the $85 area which define initial support to watch above its 50 DMA line ($82.17).
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,776.00 | -0.14
-0.01% | $1,820.00 | 725,300
233.22% of 50 DAV
50 DAV is 311,000 | $1,825.00
-2.68%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/5/2024 8:47:09 PM
Y - Finished flat after highlighted in yellow in the earlier mid-day report with pivot point cited based on its 5/20/24 high plus 10 cents. Found prompt support at its 200 DMA line ($1,578) last week and challenged its 52-week high with today''s early gain. Subsequent gains and a strong close above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Jun ''24 quarterly earnings +103% on +42% sales revenues versus the year ago period. Three of the 4 latest quarterly comparisons have shown strong sales revenues and earnings increases well above the +25% minimum guideline (C criteria). Following losses in FY ''18 -''20 and annual earnings (A criteria) have improved greatly. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 | 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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