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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 18TH, 2020
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DOW |
-244.56 |
27,657.42 |
-0.88% |
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Volume |
3,203,068,000 |
+202% |
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Volume |
5,716,892,800 |
+54% |
|
NASDAQ |
-116.99 |
10,793.28 |
-1.07% |
|
Advancers |
1,023 |
35% |
|
Advancers |
1,576 |
49% |
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S&P 500 |
-37.54 |
3,319.47 |
-1.12% |
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Decliners |
1,928 |
65% |
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Decliners |
1,635 |
51% |
|
Russell 2000 |
-5.82 |
1,536.78 |
-0.38% |
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52 Wk Highs |
66 |
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52 Wk Highs |
87 |
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S&P 600 |
-5.29 |
870.57 |
-0.60% |
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52 Wk Lows |
22 |
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52 Wk Lows |
28 |
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Major Indices Suffer Technical Damage as Tech Sector Leads Retreat
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 244 points, ending little changed for the week. The S&P 500 and Nasdaq Composite both slid 1.1% for the day, and notched a third consecutive weekly decline, with each index falling 0.6% for the week. The reported volume totals were inflated by options expirations, much higher than the prior session totals on the NYSE and higher on the Nasdaq exchange, action indicative of greater institutional selling pressure termed distribution. Breadth was negative as decliners led advancers by almost a 2-1 margin on the NYSE and by a narrower margin on the Nasdaq exchange. There were 17 high-ranked companies from the Leaders List hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 7 on the prior session. New 52-week highs totals outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices have seen their uptrend recently come under pressure (M criteria). Any sustainable rally requires a healthy crop of new leaders, so further improvement in the new highs totals in the near term may be considered critical.
PICTURED: The S&P 500 Index violated its 50-day moving average (DMA) line and the recent low with a volume-driven loss.
Stocks ended firmly lower on Friday, amid weakness in Tech and Tech-related companies. All 11 S&P 500 sectors finished in negative territory, with eight groups down more than 1%. The Technology, Consumer Discretionary and Communication Services were all under pressure as the oft-cited FAANG group lost nearly 2%. In corporate news, Oracle (ORCL -0.71%) edged lower following reports that the U.S. government is planning to block domestic downloads of TickTok and WeChat starting Sunday. Meanwhile, concerns about an increase in COVID-19 cases across Europe weighed on travel-related stocks with Carnival Corp (CCL -5.73%) and American Airlines (AAL -3.23%) falling. Trading volume was nearly 70% above the 30-day average, as futures and options linked to both individual stocks and indexes expired on the same day in a quarterly event known as “quadruple witching.”
On the data front, the leading index of economic indicators increased by 1.2% in August, below the upwardly revised 2.0% advance in July. Rounding out the docket, a flash reading of consumer sentiment from the University of Michigan came in better than expected in September at 78.9, above the August figure of 74.1. Treasuries declined modestly, with the yield on the benchmark 10-year note up one basis point to 0.70%. In commodities, crude oil slipped 0.2% to $40.90/barrel, but still had its best weekly performance since June. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Bank, Tech, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.47%) created a drag on the major indices while the Bank Index ($BKX -0.53%) edged lower and the Broker/Dealer Index ($XBD +0.07%) finished flat. The Semiconductor Index ($SOX -1.51%) led the tech sector's retreat while the Networking Index ($NWX -0.72%) and Biotech Index ($BTK -0.26%) suffered smaller losses. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -1.69%), Oil Services Index ($OSX -1.42%), and Integrated Oil Index ($XOI -1.21%) each lost ground.
PICTURED: The Biotech Index ($BTK -0.26%) recently found support near its 200 DMA line but it has been slumping again.
| Oil Services |
$OSX |
34.00 |
-0.49 |
-1.42% |
-56.57% |
| Integrated Oil |
$XOI |
670.45 |
-8.25 |
-1.21% |
-47.23% |
| Semiconductor |
$SOX |
2,160.97 |
-33.17 |
-1.51% |
+16.83% |
| Networking |
$NWX |
539.76 |
-3.90 |
-0.72% |
-7.48% |
| Broker/Dealer |
$XBD |
285.01 |
+0.21 |
+0.07% |
-1.85% |
| Retail |
$RLX |
3,266.70 |
-48.68 |
-1.47% |
+33.37% |
| Gold & Silver |
$XAU |
151.46 |
-2.60 |
-1.69% |
+41.66% |
| Bank |
$BKX |
76.26 |
-0.41 |
-0.53% |
-32.73% |
| Biotech |
$BTK |
5,367.55 |
-14.01 |
-0.26% |
+5.92% |
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Violation of 50-Day Average on Volume Triggered Technical Sell Signal
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
L G I Homes Inc (LGIH -$3.95 or -3.60% to $105.76) slumped further below its 50-day moving average (DMA) line ($112.49) with today's damaging volume-driven loss raising greater concerns and triggering a technical sell signal. Prior lows in the $103-104 area define the next important support level to watch. Only a prompt rebound above the 50 DMA line would help its outlook improve. LGIH traded up as much as +21.5% since highlighted in yellow with pivot point cited based on its 2/21/20 high plus 10 cents in the 7/07/20 mid-day report (read here). It was last shown in this FSU section on 9/08/20 under the headline, "Homebuilder Halted Slide Near Prior Low and 50-Day Average". It reported Jun '20 quarterly earnings +21% on +4% sales revenues versus the year ago period, breaking a streak of 3 consecutive quarterly comparisons above the +25% minimum earnings guideline (C criteria). Its annual earnings (A criteria) history has been strong. Fundamentals have still been strong enough for it to get a 99 Earnings Per Share Rating, the highest possible rank. The Building - Residential / Commercial Group Relative Strength Rating is now A+ (97). In recent weeks there has been greater leadership (L criteria) noted in the industry group. It has a small supply (S criteria) of only 22.1 million shares in the public float (S criteria). The number of top-rated funds owning its shares rose from 372 in Dec '19 to 388 in Jun '20, and its current Up/Down Volume Ratio of 1.0 is an unbiased indication its shares have been neutral concerning accumulation/distribution over the past 50 days. It has a Timeliness Rating of A and a Sponsorship Rating of D. LGIH completed its IPO at $11 on 11/07/13. Charts courtesy www.stockcharts.com
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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 |
ADBE
-
NASDAQ
Adobe Inc
COMPUTER SOFTWARE and SERVICES - Application Software
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$467.55
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-6.75
-1.42% |
$478.34
|
7,060,739
233.41% of 50 DAV
50 DAV is 3,025,000
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$536.88
-12.91%
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9/10/2020
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$488.46
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PP = $536.88
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MB = $563.72
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Most Recent Note - 9/18/2020 12:43:27 PM
G - Color code is changed to green while undercutting its prior low ($461.18 on 9/08/20) and also slumping below its 50 DMA line ($464.22) with today's 3rd consecutive loss raising concerns and triggering technical sell signals. Disciplined investors always limit losses by selling any stock that falls more than 7-8% from their purchase price. Reported Aug '20 quarterly earnings +25% on +14% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Adobe Found Support Following Recent Breakout - 9/10/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$219.61
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+1.46
0.67% |
$220.48
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652,583
198.35% of 50 DAV
50 DAV is 329,000
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$228.86
-4.04%
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7/15/2020
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$192.66
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PP = $189.95
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MB = $199.45
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Most Recent Note - 9/18/2020 4:53:53 PM
G - Posted a gain today with above average volume. Still perched near its all-time high after falling back below prior highs in the $221 area. Found prompt support at its 50 DMA line ($208.94) after volume-driven losses. More damaging losses would raise greater concerns and trigger a technical sell signal. Recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria), but better than expected while the company also raised its guidance.
>>> FEATURED STOCK ARTICLE : Found Prompt Support at 50-Day Moving Average Line - 9/11/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
Chart |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$74.93
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-1.62
-2.12% |
$77.40
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50,824,118
76.79% of 50 DAV
50 DAV is 66,186,000
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$94.28
-20.52%
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8/31/2020
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$90.42
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PP = $87.39
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MB = $91.76
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Most Recent Note - 9/18/2020 12:45:58 PM
G - Color code is changed to green with today's 3rd consecutive loss with lighter than average volume while slumping below its 50 DMA line ($76.05) triggering a technical sell signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Found Support Above 50 DMA Line After Negating Recent Breakout - 9/15/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$66.38
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-2.01
-2.94% |
$69.63
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1,907,023
163.41% of 50 DAV
50 DAV is 1,167,000
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$78.32
-15.25%
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6/26/2020
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$54.53
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PP = $66.47
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MB = $69.79
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Most Recent Note - 9/18/2020 4:55:23 PM
G - Slumped further below its 50 DMA line ($69.90) with today's loss on higher volume raising concerns. The recent low ($65.60 on 9/08/20) defines the next important support level to watch. Do not be confused by the 2:1 share split effective 9/15/20 (Featured Price, Pivot Point, and Max Buy prices have been adjusted accordingly). Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Slumped Below 50-Day Average With Loss on Light Volume - 9/17/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$469.96
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-0.24
-0.05% |
$479.40
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6,672,138
85.06% of 50 DAV
50 DAV is 7,844,000
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$575.37
-18.32%
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9/1/2020
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$547.45
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PP = $575.47
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MB = $604.24
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Most Recent Note - 9/17/2020 4:57:47 PM
G - Slumped further below its 50 DMA line ($500.82) and intra-day it undercut the prior low ($466.55 on 8/11/20) raising more serious concerns and triggering a more worrisome technical sell signal. Subsequent gains back above the 50 DMA line are needed for its outlook to improve. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Met Resistance at 50 DMA Line and Reversed Today - 9/16/2020 |
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Set NEW NOTE alert |
Company Profile |
SEC
News |
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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 |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
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$105.76
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-3.95
-3.60% |
$111.98
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553,388
181.44% of 50 DAV
50 DAV is 305,000
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$123.94
-14.67%
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7/7/2020
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$99.19
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PP = $95.82
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MB = $100.61
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Most Recent Note - 9/18/2020 4:52:20 PM
G - Violated its 50 DMA line ($112.49) with today's damaging volume-driven loss raising greater concerns and triggering a technical sell signal. Prior lows in the $103-104 area define the next important support level to watch. Only a prompt rebound above the 50 DMA line would help its outlook improve. Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Violation of 50-Day Average on Volume Triggered Technical Sell Signal - 9/18/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
Chart |
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C
A
S
I |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$453.09
|
-0.71
-0.16% |
$457.26
|
1,451,981
85.16% of 50 DAV
50 DAV is 1,705,000
|
$501.82
-9.71%
|
8/20/2020
|
$453.34
|
PP = $454.79
|
|
MB = $477.53
|
Most Recent Note - 9/18/2020 12:48:20 PM
Y - Still showing resilience while testing support at its 50 DMA line ($445.50). Fundamentals remain strong. More damaging losses below the 50 DMA line and prior low ($432.85 on 9/08/20) may raise concerns and trigger a technical sell signal.
>>> FEATURED STOCK ARTICLE : Tested Support at 50-Day Moving Average Line - 9/14/2020 |
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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