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AFTER MARKET UPDATE - FRIDAY, JUNE 17TH, 2022
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DOW |
-38.29 |
29,888.78 |
-0.13% |
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Volume |
3,378,577,100 |
+147% |
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Volume |
7,432,609,600 |
+31% |
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NASDAQ |
+152.25 |
10,798.35 |
+1.43% |
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Advancers |
1,865 |
60% |
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Advancers |
2,610 |
62% |
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S&P 500 |
+8.07 |
3,674.84 |
+0.22% |
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Decliners |
1,225 |
40% |
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Decliners |
1,604 |
38% |
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Russell 2000 |
+15.86 |
1,665.69 |
+0.96% |
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52 Wk Highs |
2 |
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52 Wk Highs |
21 |
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S&P 600 |
+7.64 |
1,095.12 |
+0.70% |
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52 Wk Lows |
566 |
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52 Wk Lows |
491 |
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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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Major Indices Churned High Volume While Stuck at 2022 Lows
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow slipped 38 points, extending its weekly losses to 4.8%. Meanwhile, the S&P 500 gained 0.2%, though still remained more than 20% below its January 3 record level. The tech-heavy Nasdaq Composite jumped 1.4% as recently beleaguered growth-related stocks staged a relief rally. Still, both benchmarks fell for a third consecutive week, with the S&P 500 suffering its worst weekly drawdown since March 2020 with a 5.8% slump. The Nasdaq Composite fell 4.8% for the week. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange, inflated by options expirations. Advancers led decliners by a 3-2 margin on the NYSE and by 5-3 on the Nasdaq exchange. Leadership remained very thin as there was only 1 high-ranked company from the Leaders List that hit a new 52-week high and was listed on the BreakOuts Page, versus the total of 2 on the prior session. New 52-week lows totals contracted from Thursday's very high totals but still 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 S&P 500 Index churned heavy volume at a new 2022 low and finished -23.7% from its January 4, 2022 record high.
U.S. equities finished mostly higher during a volatile session on Friday, with Wall Street attempting to end a downbeat week on a positive note. Market participants weighed the first comments from Federal Reserve (Fed) leaders following their 0.75% rate hike on Wednesday. Fed Chair Jerome Powell reiterated the U.S. central bank’s commitment to curb inflation, while Kansas City Fed President Esther George explained that she was oppose to a larger increase because it may create an uncertain outlook given the Fed’s balance sheet runoff. Treasuries were little changed, with the yield on the 10-year note off one basis point (0.01%) to 3.23%, settling up eight basis points (0.08%) from last Friday’s closing level.
Six of 11 S&P 500 sectors finished in positive territory, with the Communication Services and Consumer Discretionary groups outperforming. Meanwhile, Energy lagged, as West Texas Intermediate (WTI) crude slumped 6.6% to $109.85/barrel, notching its first weekly decline in eight weeks. In corporate news, Adobe Inc. (ADBE -1.18%) fell on disappointing forward guidance. Roku Inc. (ROKU +4.89%) rose after announcing an partnership with Walmart Inc. (WMT -1.93%) that would allow steamers to purchase products directly on their TV.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Tech, Retail, and Financial Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.13%), Bank Index ($BKX +0.88%), and Broker/Dealer Index ($XBD +0.63%) each posted gains and helped to boost the major averages. The Biotech Index ($BTK +3.47%) led the tech sector's bounce while the Networking Index ($NWX +1.80%) followed and the Semiconductor Index ($SOX +0.46%) edged higher. Meanwhile, commodity-linked groups had a negative bias as the Oil Services Index ($OSX -4.58%) and Integrated Oil Index ($XOI -5.76%) both outpaced the Gold & Silver Index ($XAU -1.54%) to the downside.
PICTURED: The Integrated Oil Index ($XOI -5.76%) is abruptly retreating after violating its 50-day moving average (DMA) line, and it is already down -21% from its June 8th high.
| Oil Services |
$OSX |
65.97 |
-3.17 |
-4.58% |
+25.13% |
| Integrated Oil |
$XOI |
1,515.37 |
-92.67 |
-5.76% |
+28.62% |
| Semiconductor |
$SOX |
2,578.54 |
+11.68 |
+0.46% |
-34.66% |
| Networking |
$NWX |
673.11 |
+11.88 |
+1.80% |
-30.68% |
| Broker/Dealer |
$XBD |
371.02 |
+2.34 |
+0.63% |
-23.79% |
| Retail |
$RLX |
2,820.22 |
+31.44 |
+1.13% |
-33.27% |
| Gold & Silver |
$XAU |
121.42 |
-1.90 |
-1.54% |
-8.33% |
| Bank |
$BKX |
100.54 |
+0.88 |
+0.88% |
-23.96% |
| Biotech |
$BTK |
4,359.77 |
+146.35 |
+3.47% |
-21.00% |
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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***
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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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