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AFTER MARKET UPDATE - WEDNESDAY, AUGUST 28TH, 2024
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DOW |
-159.08 |
41,091.42 |
-0.39% |
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Volume |
754,770,779 |
+5% |
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Volume |
5,410,021,300 |
+23% |
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NASDAQ |
-198.79 |
17,556.03 |
-1.12% |
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Advancers |
1,015 |
37% |
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Advancers |
1,264 |
30% |
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S&P 500 |
-33.62 |
5,592.18 |
-0.60% |
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Decliners |
1,718 |
63% |
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Decliners |
2,901 |
70% |
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Russell 2000 |
-14.36 |
2,188.64 |
-0.65% |
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52 Wk Highs |
205 |
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52 Wk Highs |
129 |
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S&P 600 |
-3.66 |
1,398.80 |
-0.26% |
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52 Wk Lows |
28 |
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52 Wk Lows |
124 |
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Nasdaq Compsite Led Major Indices Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 settled -0.6% lower and the Nasdaq Composite closed down -1.1%. Volume reported was higher than the prior session totals on the NYSE and on the Nasdaq exchange. Decliners led advancers by a 9-5 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. Leadership improved as there were 54 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 38 on the prior session. New 52-week highs totals expanded and 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 S&P 500 Index has recently been consolidating after rebounding above its 50-day moving average (DMA) line. It is -1.4% off its all-time high hit on 7/16/24.
The information technology sector fell -1.3%. A sharp decline in shares of Super Micro Computer (SMCI -19.02%), the worst performing stock in the S&P 500, contributed to the underperformance of the info tech sector. SMCI said it is delaying its annual 10K filing for the fiscal year ended June 30, 2024, to "complete its assessment of the design and operating effectiveness of its internals controls over financial reporting." Bath & Body Works (BBWI -7.00%) and J.M Smucker (SJM -4.95%) were the next worst performing stocks in the S&P 500 following their quarterly results.
The financial sector (+0.3%) and the health care sector (+0.1%) led S&P 500 sectors. Gains in many bank stocks boosted the financial sector. Berkshire Hathaway (BRK.B +0.86%) contributed to the performance of the financial sector after briefly topping a $1 trillion value in terms of market capitalization.
The 10-yr note yield settled one basis point higher at 3.84% and the 2-yr note yield settled three basis points lower at 3.87%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Broker/Dealer, Semiconductor, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.96%) and the Broker/Dealer Index ($XBD -0.90%) both fell while the Bank Index ($BKX +0.52%) posted a small gain. The tech sector was led lower by the Semiconductor Index ($SOX -1.83%) as the Networking Index ($NWX -0.78%) and Biotech Index ($BTK -0.35%) also ended lower. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -2.39%) and Oil Services Index ($OSX -1.78%) both slumped and the Integrated Oil Index ($XOI -0.26%) also finished slightly lower.
PICTURED: The Gold & Silver Index ($XAU -2.39%) has recently been consolidating after reaching a new 2024 high.
| Oil Services |
$OSX |
81.45 |
-1.48 |
-1.78% |
-2.90% |
| Integrated Oil |
$XOI |
1,983.16 |
-5.13 |
-0.26% |
+6.48% |
| Semiconductor |
$SOX |
5,059.56 |
-94.07 |
-1.83% |
+21.17% |
| Networking |
$NWX |
1,013.04 |
-7.96 |
-0.78% |
+21.64% |
| Broker/Dealer |
$XBD |
672.38 |
-6.12 |
-0.90% |
+20.65% |
| Retail |
$RLX |
4,348.63 |
-42.00 |
-0.96% |
+11.83% |
| Gold & Silver |
$XAU |
153.12 |
-3.76 |
-2.39% |
+21.82% |
| Bank |
$BKX |
113.96 |
+0.58 |
+0.52% |
+18.69% |
| Biotech |
$BTK |
5,846.64 |
-20.80 |
-0.35% |
+7.90% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 | $78.11 | -0.89
-1.13% | $79.73 | 53,844
59.83% of 50 DAV
50 DAV is 90,000 | $87.13
-10.35%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | 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 | 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 | $74.05 | +0.18
0.24% | $75.10 | 352,241
49.40% of 50 DAV
50 DAV is 713,000 | $75.15
-1.46%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | 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 | 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 | $96.26 | -1.70
-1.74% | $98.16 | 234,053
33.97% of 50 DAV
50 DAV is 689,000 | $101.50
-5.16%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 |  Most Recent Note - 8/28/2024 5:36:04 PM
Y - Lost ground today with lighter volume. There was a noted "negative reversal" for a loss with light volume on 8/26/24 after touching a new all-time high. Recently found prompt support near its 50 DMA line ($90).
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 | 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 | $169.60 | +0.59
0.35% | $170.00 | 667,940
82.97% of 50 DAV
50 DAV is 805,000 | $177.72
-4.57%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | 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 | SEC News | Chart | Request a new note C A S I | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $96.52 | -0.43
-0.44% | $98.15 | 1,945,265
64.86% of 50 DAV
50 DAV is 2,999,000 | $97.86
-1.37%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | 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 | 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 | $1,995.17 | -41.04
-2.02% | $2,037.00 | 250,437
79.00% of 50 DAV
50 DAV is 317,000 | $2,048.99
-2.63%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/28/2024 5:34:44 PM
G - Pulled back today with lighter volume after quietly hitting a new 52-week high on the prior session. 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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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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