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AFTER MARKET UPDATE - THURSDAY, SEPTEMBER 1ST, 2022
Previous After Market Report Next After Market Report >>>
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DOW |
+145.99 |
31,656.42 |
+0.46% |
|
Volume |
906,811,317 |
-27% |
|
Volume |
4,795,989,800 |
-3% |
|
NASDAQ |
-31.08 |
11,785.13 |
-0.26% |
|
Advancers |
896 |
29% |
|
Advancers |
1,499 |
36% |
|
S&P 500 |
+11.85 |
3,966.85 |
+0.30% |
|
Decliners |
2,206 |
71% |
|
Decliners |
2,661 |
64% |
|
Russell 2000 |
-21.30 |
1,822.82 |
-1.15% |
|
52 Wk Highs |
14 |
|
|
52 Wk Highs |
34 |
|
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S&P 600 |
-14.50 |
1,169.48 |
-1.22% |
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52 Wk Lows |
252 |
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52 Wk Lows |
427 |
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Deterioration has been noted in the market uptrend (M criteria) in recent market commentaries. A caution flag has been raised by the technical damage in the major indices coupled with a shrinking list of stocks hitting new highs.
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Breadth Negative and Leadership Thin as Major Averages End Mixed
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 rose 0.3%, while the Dow recouped a 290-point loss to end 145 points higher. The Nasdaq Composite pared a more than 1% drop to slip just 0.3%, weathering its fifth consecutive daily decline—its longest losing streak since February. The volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by more than a 2-1 margin on the NYSE and by 5-3 on the Nasdaq exchange. There were 0 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, for the 3rd consecutive session. New 52-week lows totals expanded and solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The market uptrend is now under pressure (M criteria). Any sustainable rally requires a healthy crop of leading stocks hitting new highs.
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 Dow Jones Industrial Average posted a small gain after violating its 50-day moving average (DMA) line during a streak of 4 consecutive losses. Its rebound met resistance near its 200 DMA line in recent weeks.
U.S. equities fluctuated on Thursday as another back-up in Treasury yields kept Wall Street cautious ahead of tomorrow’s jobs report. Treasuries remained under pressure and a gauge of the U.S. dollar spiked 0.9% as investors braced for the possibility that another solid jobs report could support a more aggressive rate hike from the Federal Reserve (Fed) later this month. The yield on the 10-year note jumped eight basis points (0.08%) to 3.26%. The two-year note yield hit a fresh 14-year high of 3.51%. In commodities, West Texas Intermediate retreated 3.6% to $86.35/barrel on news that Chengdu, a major Chinese city, was under lockdown due to rising COVID-19 cases.
On the data front, an update from the Institute for Supply Management (ISM) showed U.S. manufacturing growth steadied in August, with the Purchasing Managers’ Index (PMI) still hovering at the lowest level in more than two years. Separately, weekly initial jobless claims came in at 232,000, marking a trough not seen since June.
Eight of 11 S&P 500 sectors closed in positive territory, with the more traditionally defensive Health Care and Utilities groups outperforming. In corporate news, NVIDIA Corp. (NVDA -7.67%) fell after the chipmaker issued a revenue warning in the wake of new U.S. licensing rules that would restrict some sales to China. |
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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Commodity-Linked Groups Sink; Retail and Biotech Indexes Led Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Commodity-linked groups were weakest on Thursday as the Gold & Silver Index ($XAU -3.41%), Oil Services Index ($OSX -3.63%), and Integrated Oil Index ($XOI -2.56%) each suffered big losses. The Retail Index ($RLX +1.19%) posted a solid gain and the Broker/Dealer Index ($XBD +0.23%) edged higher while the Bank Index ($BKX -0.17%) ended slightly in the red. The tech sector was mixed as the Biotech Index ($BTK +2.25%) posted a solid gain while the Semiconductor Index ($SOX -1.92%) and Networking Index ($NWX -1.42%) both lost ground.
PICTURED: The Gold & Silver Index ($XAU -3.41%) has been quickly sinking to multi-year lows.
| Oil Services |
$OSX |
66.17 |
-2.49 |
-3.63% |
+25.51% |
| Integrated Oil |
$XOI |
1,606.27 |
-42.17 |
-2.56% |
+36.33% |
| Semiconductor |
$SOX |
2,625.95 |
-51.44 |
-1.92% |
-33.46% |
| Networking |
$NWX |
798.73 |
-11.53 |
-1.42% |
-17.75% |
| Broker/Dealer |
$XBD |
439.80 |
+1.01 |
+0.23% |
-9.67% |
| Retail |
$RLX |
3,254.91 |
+38.34 |
+1.19% |
-22.99% |
| Gold & Silver |
$XAU |
94.71 |
-3.35 |
-3.41% |
-28.50% |
| Bank |
$BKX |
105.61 |
-0.18 |
-0.17% |
-20.12% |
| Biotech |
$BTK |
4,758.96 |
+104.76 |
+2.25% |
-13.76% |
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Testing 50-Day Moving Average With 5th Straight Loss
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Esquire Financial Hldgs (ESQ -$0.48 or -1.28% to $36.90) fell for a 5th consecutive loss with light volume. It has slumped in recent weeks after making little progress above previously stubborn resistance in the $39 area. It is testing its 50-day moving average DMA line ($36.41) which defines important near-term support to watch. Confirming gains back above the pivot point backed by at least +40% above average volume would be a reassuring sign of fresh institutional buying.
ESQ was highlighted in yellow in the 7/26/22 mid-day report (read here) with pivot point cited based on its 4/25/22 high plus 10 cents. It was last shown in this FSU section on 8/12/22 with an annotated graph under the headline, "Closed at Session High With Gain for New All-Time High". This thinly-traded holding company in the Finance - Commercial Loans industry group has a small supply (S criteria) of only 6.5 million shares in the public float, which can contribute to greater price volatility in the event of institutional buying or selling. It completed its $14 IPO on 6/29/17. The number of top-rated funds owning its shares rose form 64 in Sep '21 to 132 in Jun '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.6 is an unbiased indication its shares have been under distributional pressure over the past 50 days.
ESQ has a 97 Earnings Per Share Rating. It reported earnings +37% on +23% sales revenues for the Jun '22 quarter versus the year-ago period, the 4th consecutive quarterly comparison with an earnings increase above the +25% minimum guideline. Its annual earnings growth (A criteria) history has been strong.
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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
|
$22.28
|
-0.12
-0.54% |
$22.30
|
617,145
119.37% of 50 DAV
50 DAV is 517,000
|
$26.23
-15.06%
|
7/1/2022
|
$21.27
|
PP = $21.38
|
|
MB = $22.45
|
Most Recent Note - 9/1/2022 6:53:22 PM
Sank further below its 50 DMA line ($23.24) with today's 5th consecutive loss testing prior highs in the $22 area. Recently reported Jun '22 quarterly earnings +21% on +17% sales revenues versus the year ago period, below the +25% minimum earnings guideline (C criteria), raising fundamental concerns. It will be dropped from the Featured Stocks list tonight.
>>> FEATURED STOCK ARTICLE : June Quarter Was Below +25% Minimum Earnings Guideline - 8/23/2022 |
View all notes |
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C
A
S
I |
CI
-
NYSE
Cigna Corp
Medical-Managed Care
|
$288.04
|
+4.59
1.62% |
$288.43
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1,266,480
65.55% of 50 DAV
50 DAV is 1,932,000
|
$293.96
-2.01%
|
7/7/2022
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$276.55
|
PP = $273.68
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MB = $287.36
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Most Recent Note - 8/31/2022 12:25:54 PM
Y - Quietly consolidating back below its "max buy" level with below average volume. Volume totals have been cooling while still hovering near its all-time high. 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 fundamental concerns. Near-term support to watch is at its 50 DMA line ($277).
>>> FEATURED STOCK ARTICLE : Cigna Hovering Near High Despite Earnings Under +25% Minimum - 8/26/2022 |
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C
A
S
I |
AN
-
NYSE
Autonation Inc
SPECIALTY RETAIL - Auto Dealerships
|
$123.59
|
-1.01
-0.81% |
$125.05
|
689,624
105.13% of 50 DAV
50 DAV is 656,000
|
$135.57
-8.84%
|
7/20/2022
|
$122.03
|
PP = $126.49
|
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MB = $132.81
|
Most Recent Note - 8/30/2022 5:40:32 PM
Y - Stalled after its recent breakout and sputtering near prior highs in the $126 area which were noted as initial support to watch. Faces no resistance due to overhead supply. Reported Jun '22 quarterly earnings +34% on -2% sales revenues versus the year ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Autonation Stalled After Recent Breakout - 8/30/2022 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
|
$36.90
|
-0.48
-1.28% |
$38.29
|
16,739
29.89% of 50 DAV
50 DAV is 56,000
|
$41.68
-11.47%
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7/26/2022
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$37.74
|
PP = $39.19
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MB = $41.15
|
Most Recent Note - 9/1/2022 6:44:04 PM
Y - Testing its 50 DMA line ($36.41) with today's 5th consecutive loss on lighter than average volume while slumping below prior resistance in the $39 area. Confirming gains above the pivot point backed by at least +40% above average volume would be a reassuring sign of fresh institutional buying. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Testing 50-Day Moving Average With 5th Straight Loss - 9/1/2022 |
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C
A
S
I |
GPK
-
NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers
|
$22.28
|
+0.01
0.04% |
$22.34
|
2,513,584
84.92% of 50 DAV
50 DAV is 2,960,000
|
$23.71
-6.03%
|
7/26/2022
|
$22.63
|
PP = $23.09
|
|
MB = $24.24
|
Most Recent Note - 9/1/2022 6:47:12 PM
Y - Stalled since its 8/10/22 breakout and it is consolidating just above its 50 DMA line ($21.91) which defines important near-term support. More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Churned Heavy Volume Perched at High After 6 Straight Gains - 8/15/2022 |
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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 |
CSL
-
NYSE
Carlisle Cos Inc
Diversified Operations
|
$298.96
|
+3.30
1.12% |
$299.40
|
656,311
159.69% of 50 DAV
50 DAV is 411,000
|
$318.71
-6.20%
|
7/28/2022
|
$282.31
|
PP = $275.23
|
|
MB = $288.99
|
Most Recent Note - 8/31/2022 12:30:38 PM
G - Holding its ground today following 3 consecutive losses. It remains extended from the previously noted base. Its 50 DMA line ($277.67) and prior highs in the $275 area define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Pulling Back From All-Time High After Volume-Driven Gains - 8/22/2022 |
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C
A
S
I |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
|
$281.86
|
-4.58
-1.60% |
$285.54
|
2,673,966
80.54% of 50 DAV
50 DAV is 3,320,000
|
$308.88
-8.75%
|
7/28/2022
|
$276.66
|
PP = $282.55
|
|
MB = $296.68
|
Most Recent Note - 9/1/2022 6:45:09 PM
Y - Pulled back again today with light volume. Volume totals cooled while hovering near its all-time high in recent weeks. The prior high in the $282 area has been noted as initial support to watch above its 50 DMA line ($249.31). Fundamentals remain strong.
>>> 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
|
$139.10
|
-2.20
-1.56% |
$141.37
|
1,327,281
120.33% of 50 DAV
50 DAV is 1,103,000
|
$149.33
-6.85%
|
7/28/2022
|
$141.83
|
PP = $140.14
|
|
MB = $147.15
|
Most Recent Note - 8/30/2022 5:20:27 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 ($134.26) 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
|
$103.71
|
-12.40
-10.68% |
$114.50
|
594,880
172.43% of 50 DAV
50 DAV is 345,000
|
$130.01
-20.23%
|
7/29/2022
|
$94.10
|
PP = $86.81
|
|
MB = $91.15
|
Most Recent Note - 9/1/2022 6:56:45 PM
The biggest loss on highest volume in a long time is noted today as a technical sell signal. It will be dropped from the Featured Stocks list tonight after more abruptly retreating from its all-time high with a bigger 6th consecutive loss backed by heavier volume. Its 50 DMA line ($93.25) and prior high in the $86 area define important 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 |
GFF
-
NYSE
Griffon Corporation
MATERIALS and CONSTRUCTION - General Building Materials
|
$31.78
|
+0.43
1.37% |
$31.85
|
312,500
70.54% of 50 DAV
50 DAV is 443,000
|
$34.35
-7.48%
|
8/8/2022
|
$32.46
|
PP = $31.12
|
|
MB = $32.68
|
Most Recent Note - 8/31/2022 6:20:30 PM
Y - Color code is changed to yellow after pulling back below its "max buy" level with below average volume behind recent losses. Prior highs in the $31 area define initial support to watch above its 50 DMA line ($29.16).
>>> FEATURED STOCK ARTICLE : Best Ever Close With Gain on Lighter Volume - 8/25/2022 |
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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 |
CLH
-
NYSE
Clean Harbors Inc
Pollution Control
|
$116.51
|
-0.91
-0.77% |
$118.12
|
380,280
121.11% of 50 DAV
50 DAV is 314,000
|
$124.33
-6.29%
|
8/10/2022
|
$111.78
|
PP = $115.10
|
|
MB = $120.86
|
Most Recent Note - 9/1/2022 12:19:55 PM
Y - Color code was changed to yellow this week while quietly consolidating back below its "max buy" level. Noted 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. Prior high in the $115 area defines important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Quietly Consolidating Below "Max Buy" Level After Breakout - 8/29/2022 |
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C
A
S
I |
SNPS
-
NASDAQ
Synopsys Inc
COMPUTER SOFTWARE and SERVICES - Technical and System Software
|
$332.49
|
-13.53
-3.91% |
$342.53
|
1,619,342
171.72% of 50 DAV
50 DAV is 943,000
|
$391.17
-15.00%
|
8/17/2022
|
$381.37
|
PP = $377.70
|
|
MB = $396.59
|
Most Recent Note - 9/1/2022 6:51:09 PM
Violated its 50 DMA line ($342.94) with today's damaging volume-driven loss raising concerns and triggering a technical sell signal. Encountering distributional pressure while retreating from its all-time high in recent weeks. 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. It will be dropped from the Featured Stocks list tonight. Only a prompt rebound above the 50 DMA line would help its outlook improve.
>>> FEATURED STOCK ARTICLE : Earnings Report Below +25% Minimum and Encountering Distributional Pressure - 8/18/2022 |
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C
A
S
I |
|
|
|
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
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