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AFTER MARKET UPDATE - MONDAY, JUNE 13TH, 2022
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DOW |
-876.05 |
30,516.74 |
-2.79% |
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Volume |
1,224,779,938 |
+15% |
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Volume |
5,874,175,800 |
+15% |
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NASDAQ |
-530.80 |
10,809.23 |
-4.68% |
|
Advancers |
176 |
6% |
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Advancers |
617 |
15% |
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S&P 500 |
-151.23 |
3,749.63 |
-3.88% |
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Decliners |
2,969 |
94% |
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Decliners |
3,596 |
85% |
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Russell 2000 |
-85.69 |
1,714.59 |
-4.76% |
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52 Wk Highs |
1 |
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52 Wk Highs |
22 |
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S&P 600 |
-53.09 |
1,136.54 |
-4.46% |
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52 Wk Lows |
801 |
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52 Wk Lows |
1,138 |
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The market remains in a correction (M criteria). Discipline and patience remain paramount until a new rally with confirmation marked by a solid follow-through day.
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Correction Intensifies and S&P 500 Hits Bear Market Threshold
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 slumped 3.9% to 3749, closing in bear market territory (defined as a 20% drawdown from a recent peak) for the first time since 2020. The Dow slid 876 points, while the Nasdaq Composite sank 4.7%. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange, indicative of greater institutional selling pressure termed "distribution". Breadth was clearly negative as decliners led advancers by almost a 17-1 margin on the NYSE and by nearly 6-1 on the Nasdaq exchange. Leadership has evaporated as there were zero high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, matching the total of zero on the prior session. New 52-week lows totals swelled again and solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices have been in a noted market correction (M criteria).
Chart courtesy of www.stockcharts.com PICTURED: The Dow Jones Industrial Average slumped to a new 2022 low with its 4th consecutive loss backed by higher volume. With Monday's losses the May 20th lows were violated for all 3 major market averages.
U.S. stocks sold-off on Monday as investors raised prospects for an even more aggressive tightening cycle by the Federal Reserve (Fed) following Friday’s hotter-than-anticipated inflation reading. Bond markets began pricing in expectations for a larger 0.75% rate hike at one of the Fed’s next three meetings. All eyes will be on this Wednesday’s policy decision, when officials are widely expected to raise rates by 50-basis point (0.50%). Post-meeting remarks from Fed Chair Jerome Powell and the latest Summary of Economic Projections should also be in focus.
The CBOE Volatility Index, sometimes referred to as Wall Street’s fear gauge, shot up to 34, the highest level in more than a month. Treasuries also came under pressure, with the 10-year note yield climbing towards a 2011 peak, surging 23 basis points (0.23%) to 3.38%. The more Fed-sensitive two-year note yield spiked 29 basis points (0.29%) to 3.35%, the highest level since 2007. Earlier, the yield spread between the two maturities briefly dipped into negative territory for the first time since April.
All 11 S&P 500 sectors finished more than 2% lower. Energy led laggards as rising Covid cases in China dented near-term demand prospects for crude. Elsewhere, a gauge of the U.S. dollar jumped 1.0%. Cryptocurrencies tracked a sell-off in risk assets with bitcoin sinking to its lowest level since December 2020.
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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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Financial, Retail, Tech, and Commodity-Linked Groups Plunged
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Commodity-linked groups were standout decliners as the Gold & Silver Index ($XAU -6.91%), Oil Services Index ($OSX -7.06%), and Integrated Oil Index ($XOI -5.01%) each suffered a big loss. The tech sector clearly had a negative bias as the Semiconductor Index ($SOX -5.61%), Networking Index ($NWX -4.27%), and Biotech Index ($BTK -3.36%) unanimously slumped. The Retail Index ($RLX -4.01%) and financial rounded out the widely negative session as the Broker/Dealer Index ($XBD -3.79%) and Bank Index ($BKX -3.41%) also ended solidly in the red.
PICTURED: The Semiconductor Index ($SOX -5.61%) dove to a new 2022 low after recently meeting resistance near its downward sloping 50-day moving average (DMA) line.
| Oil Services |
$OSX |
76.42 |
-5.80 |
-7.06% |
+44.96% |
| Integrated Oil |
$XOI |
1,739.69 |
-91.69 |
-5.01% |
+47.66% |
| Semiconductor |
$SOX |
2,673.00 |
-158.97 |
-5.61% |
-32.26% |
| Networking |
$NWX |
683.11 |
-30.44 |
-4.27% |
-29.65% |
| Broker/Dealer |
$XBD |
370.42 |
-14.59 |
-3.79% |
-23.92% |
| Retail |
$RLX |
2,828.63 |
-118.16 |
-4.01% |
-33.07% |
| Gold & Silver |
$XAU |
123.74 |
-9.18 |
-6.91% |
-6.57% |
| Bank |
$BKX |
101.77 |
-3.60 |
-3.41% |
-23.03% |
| Biotech |
$BTK |
4,218.74 |
-146.78 |
-3.36% |
-23.55% |
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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 |
|
Max Buy |
CI
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NYSE
Cigna Corp
Medical-Managed Care
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$242.23
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-11.06
-4.37% |
$249.80
|
2,241,299
146.01% of 50 DAV
50 DAV is 1,535,000
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$273.58
-11.46%
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5/6/2022
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$263.52
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PP = $269.97
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MB = $283.47
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Most Recent Note - 6/13/2022 5:12:41 PM
Slumped badly with higher volume today. Violated its 50 DMA line ($258) and undercut the prior low ($253.69 on 6/03/22) on the prior session triggering a technical sell signal raising greater concerns. A rebound above the 50 DMA line is needed for its outlook to improve. It will be dropped from the Featured Stocks list tonight.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Moving Average Near All-Time High - 5/25/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
PAG
-
NYSE
Penske Automotive Grp
Retail/Whlsle-Automobile
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$110.15
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-5.37
-4.65% |
$113.51
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318,882
87.60% of 50 DAV
50 DAV is 364,000
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$123.60
-10.88%
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5/13/2022
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$114.88
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PP = $114.57
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MB = $120.30
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Most Recent Note - 6/13/2022 5:17:25 PM
Y - Pulled back with below average volume today slumping below prior highs in the $114 area raising concerns. Its 50 DMA line ($107) defines important near term support to watch.
>>> FEATURED STOCK ARTICLE : Penske Perched at High With No Resistance Remaining - 6/2/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
LLY
-
NYSE
Eli Lilly & Co
Medical-Diversified
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$291.28
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-5.73
-1.93% |
$293.16
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2,894,156
96.12% of 50 DAV
50 DAV is 3,011,000
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$324.08
-10.12%
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5/16/2022
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$302.46
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PP = $314.10
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MB = $329.81
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Most Recent Note - 6/13/2022 5:16:08 PM
G - Gapped down today for a loss with near average volume while slumping further below its 50 DMA line ($298). A rebound above the 50 DMA line is needed for its outlook to improve. Subsequent gains above the pivot point backed by at least +40% above average volume may help clinch a convincing technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Encountering Distributional Pressure After Reaching New Highs - 6/6/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
WCC
-
NYSE
Wesco International Inc
WHOLESALE - Electronics Wholesale
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$120.25
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-6.92
-5.44% |
$124.22
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602,497
121.47% of 50 DAV
50 DAV is 496,000
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$144.43
-16.74%
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6/1/2022
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$128.79
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PP = $139.10
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MB = $146.06
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Most Recent Note - 6/13/2022 5:20:13 PM
G - Today's 4th consecutive loss backed by above average volume violated its 50 DMA line and 200 DMA lines triggering a technical sell signal and its color code is changed to green. Fundamentals remain strong. A rebound above the 50 DMA line ($126) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Big Volume-Driven Gain Helped Technical Stance Improve - 6/1/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
COKE
-
NASDAQ
Coca-Cola Consolidated
FOOD and BEVERAGE - Beverages - Soft Drinks
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$551.98
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-30.37
-5.22% |
$576.61
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53,960
134.90% of 50 DAV
50 DAV is 40,000
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$656.11
-15.87%
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6/6/2022
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$629.97
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PP = $637.49
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MB = $669.36
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Most Recent Note - 6/13/2022 5:14:26 PM
G - Suffered a 5th consecutive loss today with above average volume raising greater concerns and its color code is changed to green. Prior mid-day reports repeatedly noted - "A strong gain and close above the pivot point backed by at least +40% above average volume may trigger a technical buy signal."
>>> FEATURED STOCK ARTICLE : Paused After Hitting New High With Volume-Driven Gains - 6/7/2022 |
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 |
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Max Buy |
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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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