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AFTER MARKET UPDATE - TUESDAY, AUGUST 27TH, 2024
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DOW |
+9.98 |
41,250.50 |
+0.02% |
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Volume |
721,359,891 |
-4% |
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Volume |
4,381,460,600 |
-15% |
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NASDAQ |
+29.05 |
17,754.82 |
+0.16% |
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Advancers |
1,165 |
43% |
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Advancers |
1,692 |
41% |
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S&P 500 |
+8.96 |
5,625.80 |
+0.16% |
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Decliners |
1,573 |
57% |
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Decliners |
2,484 |
59% |
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Russell 2000 |
-14.93 |
2,203.00 |
-0.67% |
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52 Wk Highs |
152 |
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52 Wk Highs |
103 |
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S&P 600 |
-7.70 |
1,402.46 |
-0.55% |
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52 Wk Lows |
14 |
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52 Wk Lows |
67 |
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Leadership Thinned as Volume Totals Cooled
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and Dow Jones Industrial Average (+0.02%) each settled higher while the Russell 2000 fell -0.7%. Volume reported was lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Decliners led advancers by a 5-4 margin on the NYSE and by a 4-3 margin on the Nasdaq exchange. Leadership waned as there were 38 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 113 on the prior session. New 52-week highs totals contracted yet still solidly outnumbered 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 Nasdaq Composite Index has recently been consolidating after rebounding above its 50-day moving average (DMA) line. It is -4.9% off its all-time high hit on 7/11/24.
NVIDIA (NVDA +1.46%) is due to report earnings after Wednesday's close, whcih contributed to the muted action in the market. The performance of the S&P 500 sectors was mixed, with the information technology (+0.6%) and financial (+0.5%) sectors leading. Energy (-0.9%) was the worst performing sector amid falling oil prices. WTI crude oil futures slid -2.3% to $75.61/bbl.
The 2-yr note yield fell three basis points to 3.90% and the 10-yr note yield rose one basis point to 3.83%. A fresh $69 billion 2-yr note auction met solid demand.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Semiconductor and Broker/Dealer Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.91%) fell and the Bank Index ($BKX -0.22%) ended slightly in the red while the Broker/Dealer Index ($XBD +0.35%) posted a small gain. The tech sector was led by the Semiconductor Index ($SOX +1.10%) and the Biotech Index ($BTK +0.17%) inched higher, but the Networking Index ($NWX -1.11%) fell. Commodity-linked groups had a negative bias as the Integrated Oil Index ($XOI -1.10%) and the Oil Services Index ($OSX -0.89%) both fell and the Gold & Silver Index ($XAU -0.23%) also finished slightly lower.
PICTURED: The Semiconductor Index ($SOX +1.10%) recently met resistance after rebounding near its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
82.92 |
-0.75 |
-0.89% |
-1.14% |
| Integrated Oil |
$XOI |
1,988.29 |
-22.11 |
-1.10% |
+6.76% |
| Semiconductor |
$SOX |
5,153.63 |
+56.28 |
+1.10% |
+23.43% |
| Networking |
$NWX |
1,021.00 |
-11.50 |
-1.11% |
+22.60% |
| Broker/Dealer |
$XBD |
678.49 |
+2.39 |
+0.35% |
+21.75% |
| Retail |
$RLX |
4,390.63 |
-40.50 |
-0.91% |
+12.91% |
| Gold & Silver |
$XAU |
156.87 |
-0.37 |
-0.23% |
+24.81% |
| Bank |
$BKX |
113.38 |
-0.25 |
-0.22% |
+18.08% |
| Biotech |
$BTK |
5,867.44 |
+10.00 |
+0.17% |
+8.28% |
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Meeting Stubborn Resistance at 50-Day Moving Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Texas Roadhouse (TXRH +$1.22 or +0.73% to $169.01) posted a gain today with below-average volume and closed just below its 50-day moving average (DMA) line ($169.39) which is now downward sloping and has acted as resistance. Gains above the 50 DMA line are needed for its outlook to improve. A subsequent breakout to new highs backed byt at least +40% above average is needed to signal a technical buy signal.
TXRH has a 97 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 749 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 |
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Max Buy |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$79.00
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-2.41
-2.96% |
$81.47
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58,397
64.17% of 50 DAV
50 DAV is 91,000
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$87.13
-9.33%
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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 - 8/27/2024 5:18:30 PM
G - Pulled back today for a loss with below average volume. Volume totals have been cooling while consolidating above its 50 DMA line ($76.26). 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 |
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News |
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C
A
S
I |
GVA
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NYSE
Granite Construction
Bldg-Heavy Construction
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$73.87
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+0.34
0.46% |
$75.15
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1,005,364
143.01% of 50 DAV
50 DAV is 703,000
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$74.57
-0.94%
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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 - 8/27/2024 5:16:13 PM
G - Volume was +44% above average behind today's small gain as it hit another new all-time high. Its 50 DMA line ($66.19) defines inital support to watch on pullbacks above prior highs in the $64 area.
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 |
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C
A
S
I |
MMYT
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$97.96
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+0.73
0.75% |
$98.66
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402,862
58.22% of 50 DAV
50 DAV is 692,000
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$101.50
-3.49%
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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 - 8/26/2024 6:33:56 PM
Y - There was another "negative reversal" today for a loss with light volume after touching a new all-time high. Posted a big gain on 8/21/24 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 ($89.30). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 |
View all notes |
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Company Profile |
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C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
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$169.01
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+1.22
0.73% |
$169.36
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534,041
66.09% of 50 DAV
50 DAV is 808,000
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$177.72
-4.90%
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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 - 8/27/2024 5:13:38 PM
G - Posted a gain today with below-average volume. Closed just below its 50 DMA line ($169.39) which is now downward sloping and has acted as resistance. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Meeting Stubborn Resistance at 50-Day Moving Average - 8/27/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
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C
A
S
I |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$96.95
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+0.31
0.32% |
$97.19
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1,404,610
45.92% of 50 DAV
50 DAV is 3,059,000
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$97.86
-0.93%
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7/30/2024
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$93.95
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PP = $85.52
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MB = $89.80
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Most Recent Note - 8/26/2024 5:14:38 PM
G - Color code is changed to green while perched above its "max buy" level near its all-time high. Wedged higher after a pullback tested prior highs in the $85 area coinciding with its 50 DMA line.
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 |
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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 |
MELI
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NASDAQ
MercadoLibre
Retail-Internet
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$2,036.21
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+31.51
1.57% |
$2,048.99
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266,071
84.20% of 50 DAV
50 DAV is 316,000
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$2,029.99
0.31%
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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 - 8/27/2024 5:17:19 PM
G - Posted a gain today with light volume hitting another new 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 |
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News |
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C
A
S
I |
PDD
-
NASDAQ
Pinduoduo Inc Cl A
Retail-Internet
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$95.91
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-4.09
-4.09% |
$102.03
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38,642,643
438.36% of 50 DAV
50 DAV is 8,815,200
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$164.69
-41.76%
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8/22/2024
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$146.35
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PP = $164.79
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MB = $173.03
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Most Recent Note - 8/27/2024 5:01:45 PM
Fell further today and it will be dropped from the Featured Stocks list tonight. Gapped down on the prior session for a damaging volume-driven loss violating its 50 DMA and 200 DMA lines triggering a technical sell signal and its color code was changed to green. Reported Jun '24 quarterly earnings +122% on +85% sales revenues versus the year-ago period.
>>> 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 |
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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.
This report is a service available
only to active Paid Premium Members.
You may opt-out of receiving report notifications
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by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307
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