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AFTER MARKET UPDATE - TUESDAY, JUNE 21ST, 2022
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DOW |
+641.47 |
30,530.25 |
+2.15% |
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Volume |
1,261,007,406 |
-63% |
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Volume |
5,208,725,000 |
-30% |
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NASDAQ |
+270.95 |
11,069.30 |
+2.51% |
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Advancers |
2,299 |
72% |
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Advancers |
2,970 |
67% |
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S&P 500 |
+89.95 |
3,764.79 |
+2.45% |
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Decliners |
896 |
28% |
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Decliners |
1,469 |
33% |
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Russell 2000 |
+28.34 |
1,694.03 |
+1.70% |
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52 Wk Highs |
11 |
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52 Wk Highs |
35 |
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S&P 600 |
+16.12 |
1,112.24 |
+1.47% |
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52 Wk Lows |
158 |
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52 Wk Lows |
206 |
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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 Rose With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 rebounded 2.5% following its worst week since March 2020 (-5.8%). The Dow added 641 points, reclaiming the 30,000 mark, while the Nasdaq Composite jumped 2.5%. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, as Friday's totals were inflated by options expirations. Advancers led decliners by almost a 3-1 margin on the NYSE and by 2-1 on the Nasdaq exchange. Leadership remained very thin as there were 3 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 1 on the prior session. New 52-week lows totals contracted further from last 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. stocks finished firmly higher on Tuesday as the major averages recouped some of last week’s steep losses. Recently, the equity rout has deepened on renewed worries that aggressive action by the Federal Reserve (Fed) to combat inflation could push the U.S. into a recession. Treasuries extended their slump. The yield on the 10-year note rose seven basis points (0.07%) to 3.30%, though remained below the 3.50% level touched during intraday trading last week.
All 11 S&P 500 sectors closed in positive territory, with Energy pacing gains amid a jump in oil prices. West Texas Intermediate crude rallied 1% to $110.65/barrel. Consumer Discretionary shares also outperformed as Tesla Inc. (TSLA +9.35%) surged. In other corporate news, Kellogg Co (K +1.95%) rose after announcing plans to spin off its North American cereal business and its plant-based food unit into two publicly traded companies. Homebuilder Lennar Corp. (LEN +1.58%) rose after topping profit and revenue estimates, though warned that higher interest rates were clouding the outlook for the housing market.
On the data front, the Chicago Fed National Activity Index unexpectedly fell to 0.01 in May from the prior 0.40 figure. Separately, existing home sales eased 3.4% last month to a nearly two-year low. Focus this week will likely be on comments from U.S. central bank officials after policymakers raised interest rates by 0.75% last Wednesday. Fed Chair Jerome Powell will headline a busy docket with his semi-annual Congressional testimony tomorrow and Thursday.
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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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Energy, Tech, Financial, and Retail Indexes Ended Higher
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +2.39%) and Bank Index ($BKX +1.94%) both posted influential gains along with the Retail Index ($RLX +1.64%). The Semiconductor Index ($SOX +2.75%) led the tech sector rebound while the Networking Index ($NWX +1.79%) and Biotech Index ($BTK +0.87%) posted smaller gains. The Oil Services Index ($OSX +4.77%) and Integrated Oil Index ($XOI +4.95%) both posted standout gains while the Gold & Silver Index ($XAU +1.18%) posted a smaller gain.
PICTURED: The Retail Index ($RLX +1.64%) posted a 2nd gain from its 2022 low and remains well below its 50-day moving average (DMA) line after slumping -39% from its November 2021 record high.
| Oil Services |
$OSX |
69.12 |
+3.15 |
+4.77% |
+31.10% |
| Integrated Oil |
$XOI |
1,590.42 |
+75.05 |
+4.95% |
+34.99% |
| Semiconductor |
$SOX |
2,649.37 |
+70.83 |
+2.75% |
-32.86% |
| Networking |
$NWX |
685.18 |
+12.07 |
+1.79% |
-29.44% |
| Broker/Dealer |
$XBD |
379.87 |
+8.85 |
+2.39% |
-21.98% |
| Retail |
$RLX |
2,866.40 |
+46.18 |
+1.64% |
-32.18% |
| Gold & Silver |
$XAU |
122.86 |
+1.44 |
+1.18% |
-7.24% |
| Bank |
$BKX |
102.49 |
+1.95 |
+1.94% |
-22.49% |
| Biotech |
$BTK |
4,397.58 |
+37.82 |
+0.87% |
-20.31% |
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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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