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AFTER MARKET UPDATE - WEDNESDAY, NOVEMBER 1ST, 2023
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DOW |
+221.71 |
33,274.58 |
+0.67% |
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Volume |
1,031,496,027 |
-8% |
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Volume |
4,577,777,500 |
+5% |
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NASDAQ |
+210.23 |
13,061.47 |
+1.64% |
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Advancers |
1,876 |
67% |
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Advancers |
2,303 |
53% |
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S&P 500 |
+44.06 |
4,237.86 |
+1.05% |
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Decliners |
922 |
33% |
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Decliners |
2,020 |
47% |
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Russell 2000 |
+7.42 |
1,669.70 |
+0.45% |
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52 Wk Highs |
29 |
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52 Wk Highs |
28 |
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S&P 600 |
+4.84 |
1,088.94 |
+0.45% |
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52 Wk Lows |
133 |
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52 Wk Lows |
330 |
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The Nasdaq Composite Index's solid gain with higher volume marked a follow-through day on Day 4 of the new rally attempt which signaled a new confirmed uptrend for the market (M criteria).
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Nasdaq Composite Leads Indices Higher With Follow-Through Day
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
All major indices started the month of November with solid gains, closing near the best levels of the session. The volume totals were mixed, lighter than the prior session on the NYSE and higher on the Nasdaq exchange. Breadth was positive as advancers led decliners by a 2-1 margin on the NYSE but lead was narrower on the Nasdaq exchange. There were 18 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, a solid improvement versus the total of 7 on the prior session. New 52-week lows totals still solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The Nasdaq Composite Index's solid gain with higher volume marked a follow-through day on Day 4 of the new rally attempt which signaled a new confirmed uptrend for the market (M criteria). New buying efforts should be only made in stocks fittting all key criteria of the fact-based investment system.
PICTURED: The Nasdaq Composite Index rose above its 200-day moving average (DMA) line with a 4th consecutive gain backed by higher volume.
The FOMC did what everyone expected it to do and voted unanimously to leave the target range for the fed funds rate unchanged at 5.25-5.50%. In the press conference, Mr. Powell acknowledged that the Fed has come very far with this rate-hike cycle. The 2-yr note yield settled at 4.97%, 11 basis points lower. The 10-yr note yield settled at 4.79%.
Only two of the S&P 500 sectors closed lower, energy (-0.3%) and consumer staples (-0.1%). The heavily weighted information technology sector (+2.1%) led the pack. Mega caps powered the afternoon move, but many other stocks contributed to the index gains.
Paycom Software (PAYC -38.49%), Match Group (MTCH -15.39%), and Estee Lauder (EL -18.90%) were standout losers after reporting quarterly results. Meanwhile, Generac (GNRC +14.39%) and Advanced Micro Devices (AMD +9.69%) posted big gains after their quarterly results.
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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, Semiconductor, Biotech, and Financial Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.90%) outpaced the Broker/Dealer Index ($XBD +0.87%) while the Bank Index ($BKX +0.13%) also inched higher. The tech sector was mixed as the Networking Index ($NWX -1.60%) slumped while the Semiconductor Index ($SOX +2.33%) and the Biotech Index ($BTK +1.38%) both posted gains. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -0.50%) and Oil Services Index ($OSX -0.44%) both edged lower while the Integrated Oil Index ($XOI -0.10%) was little changed.
PICTURED: The Oil Services Index ($OSX -0.44%) is consolidating above its 200-day moving average (DMA) line which defines important near-term support after undercutting prior lows.
| Oil Services |
$OSX |
86.61 |
-0.38 |
-0.44% |
+3.28% |
| Integrated Oil |
$XOI |
1,861.19 |
-1.94 |
-0.10% |
+4.14% |
| Semiconductor |
$SOX |
3,290.95 |
+75.06 |
+2.33% |
+29.97% |
| Networking |
$NWX |
670.09 |
-10.88 |
-1.60% |
-14.45% |
| Broker/Dealer |
$XBD |
467.67 |
+4.03 |
+0.87% |
+4.13% |
| Retail |
$RLX |
3,450.08 |
+64.48 |
+1.90% |
+25.28% |
| Gold & Silver |
$XAU |
110.69 |
-0.56 |
-0.50% |
-8.41% |
| Bank |
$BKX |
73.99 |
+0.10 |
+0.13% |
-26.63% |
| Biotech |
$BTK |
4,619.47 |
+63.05 |
+1.38% |
-12.53% |
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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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