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AFTER MARKET UPDATE - THURSDAY, AUGUST 22ND, 2024
Previous After Market Report Next After Market Report >>>
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DOW |
-177.71 |
40,712.78 |
-0.43% |
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Volume |
736,549,583 |
-2% |
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Volume |
5,207,362,400 |
+8% |
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NASDAQ |
-299.63 |
17,619.35 |
-1.67% |
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Advancers |
926 |
34% |
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Advancers |
1,359 |
32% |
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S&P 500 |
-50.21 |
5,570.64 |
-0.89% |
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Decliners |
1,801 |
66% |
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Decliners |
2,857 |
68% |
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Russell 2000 |
-20.53 |
2,150.03 |
-0.95% |
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52 Wk Highs |
143 |
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52 Wk Highs |
142 |
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S&P 600 |
-11.26 |
1,370.97 |
-0.81% |
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52 Wk Lows |
16 |
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52 Wk Lows |
80 |
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Major Indices Fell With Breadth Tilting to the Negative Side
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
There were unanimous losses Thursday for the S&P 500 (-0.9%), Nasdaq Composite (-1.7%), Dow Jones Industrial Average (-0.4%), and Russell 2000 (-1.0%) and each closed near their lows of the day. Volume reported was mixed, slightly lighter than the prior session total on the NYSE and higher on the Nasdaq exchange. Breadth was negative as decliners led advancers by almost a 2-1 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 65 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 69 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. Bullish action in the major indices recently confirmed a new market uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system.
 PICTURED: The S&P 500 Index pulled back after rebounding near its all-time high. Recently it found prompt support well above its 200-day moving average (DMA) line and rebounded above its 50 DMA line.
This price action led the heavily-weighted information technology sector (-2.1%) to log the biggest decline among the S&P 500 sectors. The next worst performing sector was consumer discretionary (-1.9%). The only sectors to close higher were the real estate (+0.6%), financials (+0.5%), energy (+0.3%) sectors. The 10-yr note yield settled eight basis points higher at 3.86%.
The latest economic news included slightly worse than expected initial jobless claims, some weaker than expected preliminary manufacturing PMI data for August, and some stronger than expected preliminary Services PMI data for August. Better than expected existing home sales for July were up 1.3% month-over-month, but still down -2.5% year-over-year.
Friday's economic lineup is limited to the July New Home Sales report at 10:00 ET. The big headline event is Fed Chair Powell's speech at the Jackson Hole Symposium.
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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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Tech, Gold & Silver, and Retail Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.79%) lost ground while the Broker/Dealer Index ($XBD -0.09%) finished flat and the Bank Index ($BKX +0.66%) edged higher. The tech sector was led lower by the Semiconductor Index ($SOX -3.44%) while the Biotech Index ($BTK -1.18%) and the Networking Index ($NWX -1.56%) also lost gound. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -2.31%) and Oil Services Index ($OSX -0.91%) fell while the Integrated Oil Index ($XOI +0.01%) was unchanged.
PICTURED: The Oil Services Index ($OSX -0.91%) slumped toward its 2024 lows.
| Oil Services |
$OSX |
80.44 |
-0.74 |
-0.91% |
-4.10% |
| Integrated Oil |
$XOI |
1,964.07 |
+0.18 |
+0.01% |
+5.46% |
| Semiconductor |
$SOX |
5,086.90 |
-181.03 |
-3.44% |
+21.83% |
| Networking |
$NWX |
997.98 |
-15.86 |
-1.56% |
+19.83% |
| Broker/Dealer |
$XBD |
665.30 |
-0.58 |
-0.09% |
+19.38% |
| Retail |
$RLX |
4,408.99 |
-80.38 |
-1.79% |
+13.38% |
| Gold & Silver |
$XAU |
155.26 |
-3.67 |
-2.31% |
+23.52% |
| Bank |
$BKX |
111.06 |
+0.73 |
+0.66% |
+15.66% |
| Biotech |
$BTK |
5,835.23 |
-69.97 |
-1.18% |
+7.68% |
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Rebounding Toward Prior High With Earnings News Due
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
PDD Holdings (PDD +$1.26 or +0.86% to $147.19) was highlighted in the earlier mid-day report (read here) in yellow with pivot point cited based on its 5/24/24 high plus 10 cents. Keep in mind it is due to report Jun '24 quarterly results on 8/26/24. Volume and volatilitry often increase near earnings news. Fundamentals have been strong. It is perched -10.6% off its high and faces near-term resistance due to overhead supply up to the $164 level. Subsequent gains above the pivot point backed by at least +40% above average volume are needed for its outlook to improve.
PDD found support near its 200 DMA line ($134) and rebounded above the 50 DMA line ($138) helping its outlook to improve. It was dropped from the Featured Stocks list on 7/11/24 when last shown in this FSU section under the headline "Sputtering Below 50-Day Moving Average Line". It has a highest possible Earnings Per Share Rating of 99. Quarterly comparisons through Mar '24 showed encouraging sales revenues and greatly improved earnings versus the year-ago periods with growth rate acceleration. After years of losses, it had a profitable FY '21-23 helping it better match the fundamental annual earnings (A criteria) guidelines of the fact-based investment system.
The number of top-rated funds owning its shares rose from 1,487 in Jun '23 to 1,954 in Jun '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.9 is an unbiased indication its shares have been under slight distributional pressure over the past 50 days. It has an A Timelinesss Rating and a B Sponsorship Rating.
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 |  USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $77.14 | -1.55
-1.97% | $78.69 | 59,232
63.01% of 50 DAV
50 DAV is 94,000 | $87.13
-11.47%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 |  Most Recent Note - 8/22/2024 7:09:03 PM
G - Pulled back today. Volume totals have been cooling while consolidating above its 50 DMA line ($75.49). Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Consolidating Above 50-Day Moving Average - 8/21/2024 | 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 | $71.66 | +0.53
0.75% | $72.59 | 397,908
55.57% of 50 DAV
50 DAV is 716,000 | $73.01
-1.85%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 8/21/2024 5:23:16 PM
G - Volume was below average behind today''s small gain. Prior highs in the $64 area define important support to watch coinciding with its 50 DMA line ($65.28).
>>> 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 | $97.77 | -2.06
-2.06% | $100.67 | 399,869
56.80% of 50 DAV
50 DAV is 704,000 | $100.22
-2.44%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/22/2024 7:10:23 PM
Y - There was a "negative reversal" today for a loss with light volume after touching a new all-time high. Posted a big gain on the prior session with +34% above-average volume and ended near the session high for a best-ever close. Recently found prompt support near its 50 DMA line ($88.48).
>>> 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 | $168.32 | -1.29
-0.76% | $170.87 | 411,750
50.15% of 50 DAV
50 DAV is 821,000 | $177.72
-5.29%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/21/2024 5:24:40 PM
G - Posted a gain today with below-average volume. Closed just above its 50 DMA line ($169.51) which is now downward sloping and has acted as resistance.
>>> 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 | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $96.55 | +0.29
0.30% | $97.09 | 1,437,572
46.52% of 50 DAV
50 DAV is 3,090,000 | $97.29
-0.76%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/20/2024 6:00:44 PM
Y - Volume totals have still been cooling while hovering near its all-time high. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($84.21).
>>> 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 | 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 | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,988.83 | -18.63
-0.93% | $2,019.00 | 191,465
60.02% of 50 DAV
50 DAV is 319,000 | $2,029.99
-2.03%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/21/2024 5:25:28 PM
G - Posted a gain today with light volume, hovering near its 52-week high. Prior highs define initial support to watch on pullbacks.
>>> 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 | PDD - NASDAQ
PDD Holdings ADR
Retail-Internet | $147.19 | +1.26
0.86% | $151.10 | 7,348,036
109.97% of 50 DAV
50 DAV is 6,682,000 | $164.69
-10.63%
| 8/22/2024 | $146.35 | PP = $164.79 | | MB = $173.03 | Most Recent Note - 8/22/2024 7:08:18 PM
Y - Color code was changed to yellow with pivot point cited based on its 5/24/24 high plus 10 cents. Due to report Jun '24 quarterly results on 8/26/24. Fundamentals have been strong. It faces near-term resistance due to overhead supply up to the $164 level. Found support near its 200 DMA line ($134) and rebounded above the 50 DMA line ($138) helping its outlook to improve. It was dropped from the Featured Stocks list on 7/11/24. Subsequent gains above the pivot point backed by at least +40% above average volume are needed for its outlook to improve. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Rebounding Toward Prior High With Earnings News Due - 8/22/2024 | 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***
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 |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$78.69
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+1.18
1.52% |
$78.83
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25,449
26.51% of 50 DAV
50 DAV is 96,000
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$87.13
-9.69%
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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 - 8/20/2024 6:02:00 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($75). Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Consolidating Above 50-Day Moving Average - 8/21/2024 |
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
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$71.13
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+0.84
1.20% |
$71.22
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250,363
32.26% of 50 DAV
50 DAV is 776,000
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$73.01
-2.57%
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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 - 8/21/2024 5:23:16 PM
G - Volume was below average behind today's small gain. Prior highs in the $64 area define important support to watch coinciding with its 50 DMA line ($65.28).
>>> 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
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$99.83
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+6.33
6.77% |
$99.90
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940,527
133.41% of 50 DAV
50 DAV is 705,000
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$100.22
-0.39%
|
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 - 8/21/2024 5:26:57 PM
Y - Posted a big gain today with +34% above-average volume and ended near the session high for a best-ever close. Recently found prompt support near its 50 DMA line ($88).
>>> 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
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$169.61
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+2.88
1.73% |
$169.67
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565,705
68.65% of 50 DAV
50 DAV is 824,000
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$177.72
-4.56%
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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 - 8/21/2024 5:24:40 PM
G - Posted a gain today with below-average volume. Closed just above its 50 DMA line ($169.51) which is now downward sloping and has acted as resistance.
>>> 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 |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$96.26
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+0.63
0.66% |
$96.61
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1,321,852
42.39% of 50 DAV
50 DAV is 3,118,000
|
$97.29
-1.06%
|
7/30/2024
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$93.95
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PP = $85.52
|
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MB = $89.80
|
Most Recent Note - 8/20/2024 6:00:44 PM
Y - Volume totals have still been cooling while hovering near its all-time high. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($84.21).
>>> 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 |
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 |
MELI
-
NASDAQ
MercadoLibre
Retail-Internet
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$2,007.46
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+1.80
0.09% |
$2,015.46
|
237,681
74.28% of 50 DAV
50 DAV is 320,000
|
$2,029.99
-1.11%
|
8/5/2024
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$1,793.73
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PP = $1,792.15
|
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MB = $1,881.76
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Most Recent Note - 8/21/2024 5:25:28 PM
G - Posted a gain today with light volume, hovering near its 52-week high. Prior highs define initial support to watch on pullbacks.
>>> 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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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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