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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 30TH, 2022
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DOW |
-500.10 |
28,725.51 |
-1.71% |
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Volume |
1,583,320,458 |
+56% |
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Volume |
4,552,758,400 |
+2% |
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NASDAQ |
-161.89 |
10,575.62 |
-1.51% |
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Advancers |
1,286 |
43% |
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Advancers |
1,798 |
42% |
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S&P 500 |
-54.85 |
3,585.62 |
-1.51% |
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Decliners |
1,722 |
57% |
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Decliners |
2,452 |
58% |
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Russell 2000 |
-10.21 |
1,664.72 |
-0.61% |
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52 Wk Highs |
4 |
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52 Wk Highs |
38 |
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S&P 600 |
-7.00 |
1,064.95 |
-0.65% |
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52 Wk Lows |
485 |
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52 Wk Lows |
572 |
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The market (M criteria) is in a correction. A caution flag has been raised by the technical damage in the major indices coupled with a shrinking list of stocks hitting new highs. Disciplined investors know to raise cash by selling weakening stocks on a case-by-case basis, and to protect that cash by avoiding any new buys until a new rally is confirmed with a follow-through day.
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Leadership Remains Elusive as Major Averages Keep Falling
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 500 points, ending the week 2.9% lower, while the Nasdaq Composite shed 1.5% to notch a 2.7% weekly decline. The S&P 500 fell 1.5% to end the week down 2.9%. The volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange, indicating an increase in institutional selling pressure. Decliners led advancers by a 9-7 margin on the NYSE and 4-3 on the Nasdaq exchange. There were zero high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page for the 2nd consecutive session. New 52-week lows totals solidly outnumbered new 52-week highs on both the NYSE and the Nasdaq exchange. The market is now in a correction (M criteria).
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 Nasdaq Composite Index is testing the June low and closed at a new 2022 low. Caution and patience remain paramount. Disciplined investors know to watch for a follow-through day of big gains on Day 4-7 of a new rally to confirm a new uptrend.
U.S. equities finished lower Friday as Wall Street closed out a volatile week. The Dow has notched its worst month since March 2020, while the S&P 500 and Nasdaq Composite had their worst months since June and April, respectively. Today also marked the end of the third quarter, and the S&P 500 and Nasdaq Composite saw their longest quarterly losing streaks since 2009, while the Dow posted a three-quarter losing stretch for the first time since 2015.
This morning, Federal Reserve (Fed) Vice Chair Lael Brainard reiterated the central bank’s commitment to curbing inflation, but acknowledged the need to monitor the impact raising rates has on the economy. On the data front, August’s update on personal income was unchanged from July’s print, while personal spending was higher than expected. Meanwhile, the PCE Core Deflator (the Fed’s preferred proxy for inflation) came in hotter-than-anticipated to notch a 4.9% annual gain.
Treasuries weakened, with the yield on the benchmark 10-year note adding six basis points (0.06%) to 3.82%, while the 30-year bond yield climbed six basis points (0.06%) to 3.76%. The two-year note yield advanced eight basis points (0.08%) to 4.25%. West Texas Intermediate (WTI) crude fell 1.9% to $79.69/barrel, but still notched a 1.2% weekly gain. A gauge of the U.S. dollar ended down 0.2% for the week, snapping a three-week win streak. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Bank, and Tech Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.21%) and Bank Index ($BKX -0.84%) created a drag on the major averages while the Broker/Dealer Index ($XBD +0.01%) finished flat. The tech sector was led lower by the Semiconductor Index ($SOX -1.73%) and Networking Index ($NWX -0.90%) while the Biotech Index ($BTK -0.16%) ended just slightly in the red. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU +1.57%) posted a gain while the Oil Services Index ($OSX -0.27%) and Integrated Oil Index ($XOI -0.50%) both edged lower.
PICTURED: The Integrated Oil Index ($XOI -0.50%) has been lingering below its 200-day moving average (DMA) line after slumping near the July low.
| Oil Services |
$OSX |
59.93 |
-0.16 |
-0.27% |
+13.67% |
| Integrated Oil |
$XOI |
1,503.95 |
-7.61 |
-0.50% |
+27.65% |
| Semiconductor |
$SOX |
2,306.70 |
-40.67 |
-1.73% |
-41.55% |
| Networking |
$NWX |
714.40 |
-6.49 |
-0.90% |
-26.43% |
| Broker/Dealer |
$XBD |
410.21 |
+0.03 |
+0.01% |
-15.74% |
| Retail |
$RLX |
2,968.30 |
-36.22 |
-1.21% |
-29.77% |
| Gold & Silver |
$XAU |
100.91 |
+1.56 |
+1.57% |
-23.82% |
| Bank |
$BKX |
95.83 |
-0.81 |
-0.84% |
-27.53% |
| Biotech |
$BTK |
4,509.45 |
-7.03 |
-0.16% |
-18.28% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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 |
CI
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NYSE
Cigna Corp
Medical-Managed Care
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$277.47
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-3.09
-1.10% |
$283.99
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2,258,772
118.01% of 50 DAV
50 DAV is 1,914,000
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$296.29
-6.35%
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7/7/2022
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$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 9/30/2022 5:23:43 PM
G - Sputtering below its 50 DMA line ($284) which has acted as resistance. 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.
>>> FEATURED STOCK ARTICLE : Found Support Above 50-Day Moving Average Line This Week - 9/16/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
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$37.55
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+0.87
2.37% |
$38.02
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32,414
120.05% of 50 DAV
50 DAV is 27,000
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$41.68
-9.91%
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7/26/2022
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$37.74
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PP = $39.19
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MB = $41.15
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Most Recent Note - 9/30/2022 5:29:10 PM
G - Posted a gain today breaking a streak of 4 consecutive losses. The slump below its 50 DMA line ($38) and below the pivot point raised concerns. A rebound above the 50 DMA line is needed for its outlook to improve. The market is in a correction (M criteria) and disciplined investors know to avoid new buying efforts until a new rally confirmed with a follow-through day.
>>> FEATURED STOCK ARTICLE : Thinly-Traded Esquire Still Perched Near High - 9/20/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
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$277.47
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-0.37
-0.13% |
$286.73
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3,113,533
84.08% of 50 DAV
50 DAV is 3,703,000
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$324.84
-14.58%
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7/28/2022
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$276.66
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PP = $282.55
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MB = $296.68
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Most Recent Note - 9/30/2022 5:26:18 PM
G - Posted 8 losses in the span of the past 10 sessions, sputtering below its 50 DMA line ($288) and testing the prior low ($270.57 on 9/23/22). More damaging losses would raise greater concerns. Fundamentals remain strong. The market is in a correction (M criteria) and disciplined investors know to avoid new buying efforts until a new rally confirmed with a follow-through day.
>>> FEATURED STOCK ARTICLE : Found Support After Undercutting 50 DMA and Prior Low - 9/27/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
CCRN
-
NASDAQ
Cross Country Healthcare
DIVERSIFIED SERVICES - Staffing and Outsourcing Service
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$28.37
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-0.82
-2.81% |
$29.59
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773,722
87.43% of 50 DAV
50 DAV is 885,000
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$30.51
-7.01%
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9/9/2022
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$27.32
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PP = $30.61
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MB = $32.14
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Most Recent Note - 9/30/2022 5:22:16 PM
Y - Its 50 DMA line ($25.95) defines important near-term support where a violation would raise concerns and trigger a technical sell signal. Volume totals have been cooling while still consolidating within striking distance of prior highs in the $30 area. The market is in a correction (M criteria) and disciplined investors know to avoid new buying efforts until a new rally confirmed with a follow-through day.
>>> FEATURED STOCK ARTICLE : Positive Reversal While Consolidating Above 50-Day Moving Average - 9/12/2022 |
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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