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AFTER MARKET UPDATE - FRIDAY, JUNE 21ST, 2024
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DOW |
+15.57 |
39,150.33 |
+0.04% |
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Volume |
3,603,301,500 |
+250% |
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Volume |
9,021,169,800 |
+43% |
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NASDAQ |
-28.21 |
17,693.38 |
-0.16% |
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Advancers |
1,415 |
52% |
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Advancers |
2,156 |
51% |
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S&P 500 |
-8.36 |
5,464.81 |
-0.15% |
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Decliners |
1,317 |
48% |
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Decliners |
2,068 |
49% |
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Russell 2000 |
+3.93 |
2,021.32 |
+0.19% |
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52 Wk Highs |
35 |
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52 Wk Highs |
47 |
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S&P 600 |
+1.37 |
1,282.37 |
+0.11% |
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52 Wk Lows |
49 |
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52 Wk Lows |
183 |
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Indices Were Mixed and Indecisive as Leadership Thinned
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices ended Friday's session mixed and little changed. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange, inflated by options expirations. Advancers narrowly led decliners on the NYSE and on the Nasdaq exchange. Leadership thinnned as there were 20 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 38 on the prior session. New 52-week lows outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria) that recently endured some pressure. It was encouraging to see recent improvement in the new highs totals with the market showing some broad-based strength and resilience. Remember that any uptrend requires healthy leadership.
 PICTURED: The Nasdaq Composite Index is consolidating near its all-time high.
A lack of conviction on Friday hinted at the sense stocks overall are due for a pullback. The consumer discretionary sector rose 1.0% while the information technology sector fell -0.8%. Mixed action played out in the mega cap space. NVIDIA (NVDA -3.22%), Meta Platforms (META -1.38%), Broadcom (AVGO -4.38%), and Apple (AAPL -1.04%) fell. Meanwhile, Amazon (AMZN +1.60%), Alphabet (GOOG +1.43%), and Microsoft (MSFT +0.92%) posted gains.
Some stronger-than-expected preliminary June S&P Global U.S. Manufacturing and Services PMI readings were reported, and existing home sales report for May that was close to expectations. The 2-yr note yield was unchanged at 4.73%. The 10-yr note yield also settled unchanged today at 4.26%. |
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, Networking, and Biotech Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.21%) posted a solid gain but the Broker/Dealer Index ($XBD -0.69%) and the Bank Index ($BKX -0.53%) both finished lower on Friday. The tech sector was mixed as the Semiconductor Index ($SOX -1.27%) fell while the Networking Index ($NWX +1.17%) and the Biotech Index ($BTK +0.96%) both posted decent gains. The Gold & Silver Index ($XAU -1.08%) outpaced the Integrated Oil Index ($XOI -0.71%) to the downside while the Oil Services Index ($OSX +0.15%) eked out a tiny gain.
PICTURED: The Networking Index ($NWX +1.17%) has recently been consolidating above support at its 200-day and 50-day moving average (DMA) lines.
| Oil Services |
$OSX |
82.13 |
+0.12 |
+0.15% |
-2.09% |
| Integrated Oil |
$XOI |
1,992.39 |
-14.51 |
-0.72% |
+6.98% |
| Semiconductor |
$SOX |
5,538.28 |
-71.73 |
-1.28% |
+32.64% |
| Networking |
$NWX |
813.31 |
+10.43 |
+1.30% |
-2.34% |
| Broker/Dealer |
$XBD |
622.28 |
-4.13 |
-0.66% |
+11.66% |
| Retail |
$RLX |
4,558.39 |
+54.46 |
+1.21% |
+17.22% |
| Gold & Silver |
$XAU |
137.70 |
-1.47 |
-1.06% |
+9.55% |
| Bank |
$BKX |
101.91 |
-0.56 |
-0.55% |
+6.14% |
| Biotech |
$BTK |
5,247.08 |
+48.23 |
+0.93% |
-3.17% |
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Encountered Distributional Pressure Hovering Near All-Time High
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
CrowdStrike Holdings (CRWD -$1.56 or -0.41% to $380.58) encountered some distributional pressure and after losses on higher volume it is now consolidating below its "max buy" level. Its 50-day moving average (DMA) line ($330) defines near-term support to watch. Bullish action came after it reported Apr '24 quarterly earnings +63% on +33% sales revenues versus the year-ago period, continuing its strong track record of earnings increases well above the +25% minimum guideline (C criteria) in quarterly comparisons backed by solid sales revenues growth. It has a highest possible 99 Earnings Per Share Rating. Its annual earnings (A criteria) history has been strong.
The number of top-rated funds owning its shares rose from 1,880 in Jun 23 to 2,465 in Mar '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.5 is an unbiased indication its shares have been under accumulation over the past 50 days. The Austin, TX-based company completed its $34 IPO on 6/12/19.
Chart courtesy of www.stockcharts.com
 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 |  TDG - NYSE
TransDigm Group
Aerospace/Defense | $1,319.17 | -10.51
-0.79% | $1,335.31 | 189,130
89.21% of 50 DAV
50 DAV is 212,000 | $1,369.58
-3.68%
| 4/12/2024 | $1,224.21 | PP = $1,246.32 | | MB = $1,308.64 |  Most Recent Note - 6/21/2024 3:45:13 PM
G - Still quietly consolidating above its "max buy" level. Its 50 DMA line ($1,290) defines near-term support to watch above recent lows in the $1,280 area. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Transdigm Consolidating Above 50-Day Moving Average - 6/12/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $354.19 | +2.09
0.59% | $354.70 | 47,553
190.21% of 50 DAV
50 DAV is 25,000 | $378.78
-6.49%
| 6/18/2024 | $356.30 | PP = $378.88 | | MB = $397.82 | Most Recent Note - 6/20/2024 5:05:55 PM
Y - There was a "negative reversal" for a loss today following 3 consecutive gains with increasing volume. Color code was changed to yellow with new pivot point cited based on its 5/15/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new technical buy signal. Recently found prompt support near its 50 DMA line ($334.61). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Streak of Losses Testing 50-Day Moving Average Line - 6/6/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | CLS - NYSE
Celestica
Elec-Contract Mfg | $55.93 | +0.13
0.23% | $55.96 | 1,738,992
72.49% of 50 DAV
50 DAV is 2,399,000 | $61.06
-8.40%
| 5/15/2024 | $51.52 | PP = $51.22 | | MB = $53.78 | Most Recent Note - 6/20/2024 5:03:44 PM
G - Suffered a big loss today with higher volume. It has not formed a sound base of sufficient length yet found support near prior highs in the $51 area. Its 50 DMA line ($50) defines additional near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Steady Pullback to Below "Max Buy" Level Following Rally - 6/4/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | DECK - NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg | $978.08 | -11.36
-1.15% | $988.19 | 371,199
104.27% of 50 DAV
50 DAV is 356,000 | $1,106.89
-11.64%
| 5/24/2024 | $1,010.60 | PP = $956.27 | | MB = $1,004.08 | Most Recent Note - 6/20/2024 5:23:48 PM
G - Suffered a 7th consecutive loss with average volume today. Prior highs in the $956 area define initial support to watch.
>>> FEATURED STOCK ARTICLE : Deckers Consolidating Near High - 6/13/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | ELF - NYSE
e.l.f. Beauty
Cosmetics/Personal Care | $205.91 | -3.32
-1.59% | $209.00 | 730,885
46.58% of 50 DAV
50 DAV is 1,569,000 | $221.83
-7.18%
| 6/18/2024 | $212.40 | PP = $221.93 | | MB = $233.03 | Most Recent Note - 6/20/2024 5:29:48 PM
Y - Paused today after rallying toward its all-time high. Color code was changed to yellow with new pivot point cited based on its 3/04/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Its 50 DMA line ($174) defines important near-term support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Perched Within Striking Distance of All-Time High - 6/20/2024 | 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 | | Max Buy | PDD - NASDAQ
PDD Holdings ADR
Retail-Internet | $143.84 | -0.30
-0.21% | $144.18 | 6,314,603
67.01% of 50 DAV
50 DAV is 9,423,000 | $164.69
-12.66%
| 5/24/2024 | $161.85 | PP = $153.09 | | MB = $160.74 | Most Recent Note - 6/21/2024 3:44:01 PM
Y - Pulling back today for a 5th consecutive small loss with below average volume. Raised concerns recently as it negated the breakout after clearing a 20-week base. Disciplined investors avoid big losses by selling any stock that falls more than 7-8% below their purchase price. Its 50 DMA line ($138) defines important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Still Sputtering Below Pivot Point After Negating Breakout - 6/17/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | CRWD - NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security | $380.58 | -1.56
-0.41% | $381.00 | 7,397,917
199.89% of 50 DAV
50 DAV is 3,701,000 | $394.64
-3.56%
| 5/28/2024 | $351.47 | PP = $365.10 | | MB = $383.36 | Most Recent Note - 6/21/2024 4:46:45 PM
Y - Encountered distributional pressure and it is consolidating below its "max buy" level. Its 50 DMA line ($330) defines near-term support to watch. Bullish action came after it reported Apr '24 quarterly earnings +63% on +33% sales revenues versus the year-ago period, continuing its strong earnings track record. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure Hovering Near All-Time High - 6/21/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | NVO - NYSE
Novo Nordisk ADR
Medical-Ethical Drugs | $141.91 | +0.92
0.65% | $142.56 | 2,663,248
72.35% of 50 DAV
50 DAV is 3,681,000 | $144.50
-1.79%
| 6/7/2024 | $143.06 | PP = $138.38 | | MB = $145.30 | Most Recent Note - 6/21/2024 3:42:23 PM
Y - Volume totals have been cooling while holding its ground after wedging to new all-time highs with gains lacking great volume conviction. Color code was changed to yellow with pivot point cited based on its 3/07/24 high. To clinch a proper technical buy signal gains above the pivot point must be backed by at least +40% above-average volume. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Wedging Into New High Ground - 6/7/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $62.47 | +0.01
0.02% | $62.66 | 366,792
82.06% of 50 DAV
50 DAV is 447,000 | $65.08
-4.01%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 6/20/2024 12:00:46 PM
Y - Reversed into the red quickly today after a gap up gain hitting a new 52-week high. Color code was changed to yellow when highlighted on the 6/11/24 mid-day report as it was noted that a valid secondary buy point exists up to +5% above the recent high after finding support at its 10 WMA line following a prior breakout. Reported improved earnings in the Jun, Sep, Dec '23, and Mar '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady.
>>> FEATURED STOCK ARTICLE : Granite Construction Found Support at 10-Week Moving Average - 6/11/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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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