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AFTER MARKET UPDATE - FRIDAY, AUGUST 19TH, 2022
Previous After Market Report Next After Market Report >>>
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DOW |
-292.30 |
33,706.74 |
-0.86% |
|
Volume |
879,538,526 |
+30% |
|
Volume |
4,545,737,800 |
-1% |
|
NASDAQ |
-260.13 |
12,705.22 |
-2.01% |
|
Advancers |
451 |
15% |
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Advancers |
1,024 |
23% |
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S&P 500 |
-55.26 |
4,228.48 |
-1.29% |
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Decliners |
2,649 |
85% |
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Decliners |
3,341 |
77% |
|
Russell 2000 |
-43.38 |
1,957.35 |
-2.17% |
|
52 Wk Highs |
26 |
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|
52 Wk Highs |
46 |
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S&P 600 |
-23.05 |
1,268.17 |
-1.79% |
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52 Wk Lows |
57 |
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52 Wk Lows |
109 |
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Breadth Negative as Major Indices Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 shed 1.3%, bringing its five-session decline to 1.2% and snapping its four-week winning stretch that had been its best run since November 2021. The Nasdaq Composite slid 2%, logging its worst week since the start of July (-2.6%) as tech shares retreated. The Dow lost 292 points to end the week 0.2% lower and fell back below its 200-day moving average after briefly trading above the important long-term average. Meanwhile, a $2 trillion options expiration heightened volatility. The volume totals reported were mixed, higher than the prior session on the NYSE and lighter on the Nasdaq exchange. Breadth was negative as decliners led advancers by almost a 6-1 margin on the NYSE and by a 3-1 margin on the Nasdaq exchange. Leadership thinned as there were 15 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, down from the total of 33 on the prior session. New 52-week lows totals expanded and outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The market is in a confirmed uptrend (M criteria). Any sustainable rally requires a healthy crop of leading stocks hitting new highs, so the recent improvement in leadership was a reassuring sign.
Chart courtesy of www.stockcharts.com%20on%20Tuesday.%20Yesterday,%20the%20broad%20benchmark%20eclipsed%20the%204,300%20level%20for%20the%20first%20time%20since%20late%20April.%20The%20Nasdaq%20Composite%20fell%201.3%%20amid%20weakness%20in%20mega-cap%20tech%20shares.%20The%20volume%20totals%20reported%20were%20mixed,%20lighter%20than%20the%20prior%20session%20on%20the%20NYSE%20and%20higher%20on%20the%20Nasdaq%20exchange.%20Decliners%20led%20advancers%20by%20a%204-1%20margin%20on%20the%20NYSE%20ad%20by%20a%203-1%20margin%20on%20the%20Nasdaq%20exchange.%20There%20were%2017%20high-ranked%20companies%20from%20the%20Leaders%20List%20that%20hit%20new%2052-week%20highs%20and%20were%20listed%20on%20the%20BreakOuts%20Page,%20down%20from%20the%20total%20of%2045%20on%20the%20prior%20session.%20New%2052-week%20highs%20outnumbered%20new%2052-week%20lows%20on%20the%20NYSE,%20but%20new%20lows%20outnumbered%20new%20highs%20on%20the%20Nasdaq%20exchange.%20The%20market%20is%20in%20a%20confirmed%20uptrend%20(M%20criteria).%20Any%20sustainable%20rally%20requires%20a%20healthy%20crop%20of%20leading%20stocks%20hitting%20new%20highs,%20so%20the%20recent%20improvement%20in%20leadership%20was%20a%20reassuring%20sign.)  PICTURED: The S&P 500 Index met resistance at its downward sloping 200-day moving average (DMA) line.
U.S. stocks finished lower on Friday as Wall Street’s summer rally stalled following hawkish commentary from several regional Federal Reserve (Fed) officials. The minutes from the Fed’s July meeting, coupled with comments from St. Louis Fed President James Bullard, reaffirmed the central bank’s commitment to continue hiking rates.
In Treasuries, the 10-year note yield climbed 10 basis points (0.10%) to 2.97%, posting its third straight weekly increase. In FOREX trading, a gauge of the U.S. dollar climbed 0.6% for its best week since April 2020 (+2.1%). West Texas Intermediate crude settled near a six-month low of $90.14/barrel as the stronger greenback and an uncertain demand outlook weighed on oil prices. The higher dollar also pressured gold, which slipped for a fifth consecutive session for its steepest five-day decline since July 8 (-2.8%).
In corporate news, Bed Bath & Beyond Inc. (BBBY -40.54%) sank after announcing that a key shareholder sold his entire stake. Elsewhere, General Motors Co. (GM +2.53%) rose after reinstating its quarterly dividend and boosting its share repurchase program. In earnings, Deere & Co. (DE +0.45%) edged higher despite higher input costs inciting a disappointing profit tally. Next week, investors will turn their focus to the Kansas City Fed’s annual Jackson Hole symposium for clues surrounding the future path of rate hikes.
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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, Financial, Tech and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -2.30%), Broker/Dealer Index ($XBD -2.67%), and Bank Index ($BKX -1.95%) suffered solid losses on Friday which weighed on the major averages. The tech sector had a negative bias as the Semiconductor Index ($SOX -2.78%) and Networking Index ($NWX -2.02%) both outpaced the Biotech Index ($BTK -0.79%) to the downside. The Gold & Silver Index ($XAU -2.50%) outpaced the Oil Services Index ($OSX -1.59%) to the downside while the Integrated Oil Index ($XOI +0.11%) eked out a tiny gain.
PICTURED: The Gold & Silver Index ($XAU -2.50%) met resistance near its 50-day moving average (DMA) line and slumped toward the July low.
| Oil Services |
$OSX |
68.69 |
-1.11 |
-1.59% |
+30.30% |
| Integrated Oil |
$XOI |
1,629.69 |
+1.76 |
+0.11% |
+38.32% |
| Semiconductor |
$SOX |
2,953.34 |
-84.50 |
-2.78% |
-25.16% |
| Networking |
$NWX |
839.00 |
-17.31 |
-2.02% |
-13.60% |
| Broker/Dealer |
$XBD |
455.84 |
-12.48 |
-2.67% |
-6.37% |
| Retail |
$RLX |
3,504.23 |
-82.52 |
-2.30% |
-17.09% |
| Gold & Silver |
$XAU |
104.07 |
-2.67 |
-2.50% |
-21.43% |
| Bank |
$BKX |
112.15 |
-2.23 |
-1.95% |
-15.18% |
| Biotech |
$BTK |
4,890.17 |
-39.06 |
-0.79% |
-11.38% |
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Enphase Energy Consolidating After Rallying to New Highs
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Enphase Energy Inc (ENPH -$10.30 or -3.50% to $283.70) gapped down today after hovering near its all-time high with volume totals cooling in recent weeks. Its color code was changed to yellow after pulling back below its "max buy" level. The prior high in the $282 area has been noted as initial support to watch on pullbacks.
ENPH was highlighted in yellow in the 7/28/22 mid-day report (read here). There were 3 consecutive volume-driven gains last week as it rallied and closed above the pivot point cited based on its 11/22/21 high plus 10 cents triggering a technical buy signal. It was last shown with an annotated graph on 8/01/22 under the headline, "Pullback Following 3 Consecutive Gains With Heavier Volume". It has an Earnings Per Share Rating of 98. The company has reported very strong sales revenues and earnings increases in quarterly comparisons through Jun '22 versus the year ago periods, above the +25% minimum guideline (C criteria). It has a strong annual earnings (A criteria) history since FY '18 after years of losses.
The company hails from the Energy-Solar group which is currently ranked 1st of the 197 Industry Groups (L criteria). The number of top-rated funds owning its shares rose from 1,068 in Dec '20 to 1,811 in Jun '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.7 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 |
IMXI
-
NASDAQ
International Money Exp
Financial Svcs-Specialty
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$25.45
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-0.54
-2.08% |
$25.88
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361,639
69.81% of 50 DAV
50 DAV is 518,000
|
$26.23
-2.97%
|
7/1/2022
|
$21.27
|
PP = $21.38
|
|
MB = $22.45
|
Most Recent Note - 8/19/2022 5:14:39 PM
G - Gapped down today for a small loss on lighter volume, retreating from its all-time high. It has been noted as extended from the previously noted base. Prior highs in the $22 area and its 50 DMA line ($22.44) define important near-term support to watch. Reported Jun '22 quarterly earnings +21% on +17% sales revenues versus the year ago period, below the +25% minimum earnings guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Finished Strong With Another Volume-Driven Gain After Earnings - 8/3/2022 |
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C
A
S
I |
HRMY
-
NASDAQ
Harmony Biosciences Holdings
Medical-Biomed/Biotech
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$47.08
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+0.74
1.60% |
$47.69
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470,318
79.34% of 50 DAV
50 DAV is 592,800
|
$57.13
-17.59%
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7/6/2022
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$54.12
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PP = $52.85
|
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MB = $55.49
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Most Recent Note - 8/17/2022 10:33:59 AM
G - Color code is changed to green after it gapped down today violating its 50 DMA line ($50.56) and prior low ($48.85) with a damaging loss raising concerns and triggering a technical sell signal. Only a prompt rebound above the 50 DMA line would help its outlook improve. Met stubborn resistance in the $57 area after reporting Jun '22 quarterly earnings +54% on +45% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Churning Higher Volume While Perched Near High After Earnings News - 8/4/2022 |
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C
A
S
I |
CI
-
NYSE
Cigna Corp
Medical-Managed Care
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$292.98
|
+2.09
0.72% |
$293.96
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1,159,920
57.42% of 50 DAV
50 DAV is 2,020,000
|
$293.50
-0.18%
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7/7/2022
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$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 8/16/2022 6:19:29 PM
G - Hovering at its all-time high holding its ground after rising above its "max buy" level. Reported earnings for the Jun '22 quarter rose +19% on +5% sales revenues versus the year ago period, breaking a streak of 3 quarterly earnings increases above the +25% minimum guideline (C criteria), raising concerns. Near-term support to watch is at its 50 DMA line ($269.11).
>>> FEATURED STOCK ARTICLE : Wedging Higher With Lighter Volume Behind Gain for New High - 8/9/2022 |
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C
A
S
I |
AN
-
NYSE
Autonation Inc
SPECIALTY RETAIL - Auto Dealerships
|
$125.58
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-1.06
-0.84% |
$126.06
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631,922
89.63% of 50 DAV
50 DAV is 705,000
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$135.57
-7.37%
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7/20/2022
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$122.03
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PP = $126.49
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MB = $132.81
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Most Recent Note - 8/17/2022 4:57:27 PM
Y - Abruptly retreated today with below average volume, retesting prior highs which define initial support to watch. Big gain on the prior session backed by +46% above average volume cleared resistance in the $126 area triggering a technical buy signal. Faces no resistance due to overhead supply. Reported Jun '22 quarterly earnings +34% on -2% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Autonation Hovering Near Stubborn Resistance - 8/11/2022 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
|
$40.76
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+0.30
0.74% |
$40.98
|
44,941
74.90% of 50 DAV
50 DAV is 60,000
|
$41.68
-2.21%
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7/26/2022
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$37.74
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PP = $39.19
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MB = $41.15
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Most Recent Note - 8/16/2022 6:17:58 PM
Y - Encountered distributional pressure as there was a "negative reversal" today with +112% above average volume after hitting a new all-time high. It closed near the session low. Wedged above resistance in the $39 area with gains lacking volume conviction. Confirming gains above the pivot point backed by at least +40% above average volume may help clinch a proper technical buy signal. Its 50 DMA line ($35.51) defines important near-term support.
>>> FEATURED STOCK ARTICLE : Closed at Session High With Gain for New All-Time High - 8/12/2022 |
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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 |
GPK
-
NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers
|
$23.24
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-0.33
-1.40% |
$23.46
|
2,469,093
82.33% of 50 DAV
50 DAV is 2,999,000
|
$23.71
-1.98%
|
7/26/2022
|
$22.63
|
PP = $23.09
|
|
MB = $24.24
|
Most Recent Note - 8/18/2022 5:30:34 PM
Y - Posted a gain today with average volume for a best-ever close by 3 cents. Churned heavy volume but made limited progress since its 8/10/22 breakout, action indicative of distributional pressure.
>>> FEATURED STOCK ARTICLE : Churned Heavy Volume Perched at High After 6 Straight Gains - 8/15/2022 |
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C
A
S
I |
CSL
-
NYSE
Carlisle Cos Inc
Diversified Operations
|
$312.27
|
-3.53
-1.12% |
$315.46
|
385,871
96.47% of 50 DAV
50 DAV is 400,000
|
$318.71
-2.02%
|
7/28/2022
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$282.31
|
PP = $275.23
|
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MB = $288.99
|
Most Recent Note - 8/18/2022 5:27:39 PM
G - Posted a quiet gain today, hovering at its all-time high, very extended from the previously noted base. Prior highs in the $275 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Carlisle Perched at All-Time High After Noted Breakout - 8/2/2022 |
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C
A
S
I |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
|
$283.70
|
-10.30
-3.50% |
$289.24
|
2,580,271
77.37% of 50 DAV
50 DAV is 3,335,000
|
$308.88
-8.15%
|
7/28/2022
|
$276.66
|
PP = $282.55
|
|
MB = $296.68
|
Most Recent Note - 8/19/2022 5:03:09 PM
Y - Gapped down today after hovering near its all-time high in recent weeks with volume totals cooling. The prior high in the $282 area has been noted as initial support to watch on pullbacks. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Enphase Energy Consolidating After Rallying to New Highs - 8/19/2022 |
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C
A
S
I |
PWR
-
NYSE
Quanta Services Inc
MATERIALS and CONSTRUCTION - General Contractors
|
$142.02
|
-2.46
-1.70% |
$144.00
|
720,311
57.67% of 50 DAV
50 DAV is 1,249,000
|
$146.84
-3.28%
|
7/28/2022
|
$141.83
|
PP = $140.14
|
|
MB = $147.15
|
Most Recent Note - 8/19/2022 5:16:34 PM
Y - Pulled back today with light volume. Volume totals have been below average while recently wedging back above its pivot point since encountering some distributional pressure. Confirming volume-driven gains for new highs would be a reassuring sign of serious institutional buying demand. Its 50 DMA line ($131.36) defines important near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Stalled After Breakout But Still Quietly Hovering Near High - 8/16/2022 |
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C
A
S
I |
CLFD
-
NASDAQ
Clearfield Inc
TELECOMMUNICATIONS - Cables / Satalite Equipment
|
$123.45
|
+0.48
0.39% |
$124.23
|
312,053
96.02% of 50 DAV
50 DAV is 325,000
|
$123.32
0.11%
|
7/29/2022
|
$94.10
|
PP = $86.81
|
|
MB = $91.15
|
Most Recent Note - 8/18/2022 5:25:33 PM
G - Posted a gain with below average volume and closed near the session high. Very extended from any sound base. Prior high in the $86 area defines initial support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Clearfield Showed Resilience After Considerable Rally - 8/17/2022 |
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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 |
GFF
-
NYSE
Griffon Corporation
MATERIALS and CONSTRUCTION - General Building Materials
|
$33.23
|
-0.29
-0.87% |
$33.44
|
278,458
61.33% of 50 DAV
50 DAV is 454,000
|
$34.35
-3.26%
|
8/8/2022
|
$32.46
|
PP = $31.12
|
|
MB = $32.68
|
Most Recent Note - 8/16/2022 6:12:21 PM
G - Pulled back today for a 3rd consecutive small loss with light volume, hovering near its 52-week high. Prior highs in the $31 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Breakout for New High Backed by +52% Above Average Volume - 8/8/2022 |
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C
A
S
I |
CLH
-
NYSE
Clean Harbors Inc
Pollution Control
|
$117.04
|
-1.18
-1.00% |
$117.64
|
189,547
59.79% of 50 DAV
50 DAV is 317,000
|
$118.92
-1.58%
|
8/10/2022
|
$111.78
|
PP = $115.10
|
|
MB = $120.86
|
Most Recent Note - 8/18/2022 5:26:44 PM
Y - Posted a quiet gain today. Gain and strong close above the pivot point backed by +116% above average volume on 8/12/22 triggered a technical buy signal. No resistance remains due to overhead supply. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Pollution Control Firm Perched Near Prior High - 8/10/2022 |
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C
A
S
I |
SNPS
-
NASDAQ
Synopsys Inc
COMPUTER SOFTWARE and SERVICES - Technical and System Software
|
$363.00
|
-10.32
-2.76% |
$368.85
|
1,521,809
164.34% of 50 DAV
50 DAV is 926,000
|
$391.17
-7.20%
|
8/17/2022
|
$381.37
|
PP = $377.70
|
|
MB = $396.59
|
Most Recent Note - 8/19/2022 12:23:26 PM
G - Color code is changed to green due to fundamental concerns while pulling back today for a 4th consecutive loss marked by above average volume, encountering distributional pressure since reaching a new all-time high. Reported Jul '22 quarterly earnings +16% on +18% sales revenues versus the year ago period, below the +25% minimum earnings guideline (C criteria), raising fundamental concerns. Renewed strength and subsequent gains above the pivot point backed by at least +40% above average volume are needed to clinch a technical buy signal.
>>> FEATURED STOCK ARTICLE : Earnings Report Below +25% Minimum and Encountering Distributional Pressure - 8/18/2022 |
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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,
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are the property of their respective owners, and are
likewise used for identification purposes only.
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