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AFTER MARKET UPDATE - WEDNESDAY, JUNE 22ND, 2022
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DOW |
-47.12 |
30,483.13 |
-0.15% |
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Volume |
1,216,820,296 |
-4% |
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Volume |
5,169,237,700 |
-1% |
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NASDAQ |
-16.22 |
11,053.08 |
-0.15% |
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Advancers |
1,451 |
47% |
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Advancers |
2,030 |
47% |
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S&P 500 |
-4.95 |
3,759.84 |
-0.13% |
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Decliners |
1,644 |
53% |
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Decliners |
2,329 |
53% |
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Russell 2000 |
-3.75 |
1,690.28 |
-0.22% |
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52 Wk Highs |
5 |
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52 Wk Highs |
10 |
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S&P 600 |
-2.93 |
1,108.31 |
-0.26% |
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52 Wk Lows |
270 |
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52 Wk Lows |
304 |
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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 Ended Lower While Leadership Remains Thin
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow shed 47 points, while the S&P 500 dipped 0.1%. The Nasdaq Composite declined 0.2%. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange. Decliners narrowly led advancers on the NYSE and 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 3 on the prior session. New 52-week lows totals expanded from Tuesday's totals and 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 Dow Jones Industrial Average is sputtering near its 2022 low.
U.S. stocks ended lower on Wednesday despite comments from Federal Reserve (Fed) Chair Jerome Powell that were deemed less hawkish than feared. During his first day of congressional testimony, Powell reiterated the central bank’s priority of taming inflation and acknowledged the risk of a recession as engineering a soft landing was proving to be “significantly more challenging.” The Fed chief added that officials would continue to make decisions on a meeting-by-meeting basis, given a rapidly evolving economic backdrop.
Seven of 11 S&P 500 sectors closed in negative territory with Energy shares losing the most amid the drop in oil prices. Bucking the downtrend was the bond proxy Real Estate group, along with the more traditionally defensive Health Care and Utilities sectors. Risk sentiment remained fragile amid increasing recessionary calls around Wall Street as the Fed implements aggressive monetary policy tightening. Treasuries strengthened amid the still cautious tone, with the yield on the 10-year note sliding 15 basis points (0.15%) to 3.15%.
Meanwhile, oil prices retreated on the expectation that an economic slowdown could ultimately weigh on demand. West Texas Intermediate crude dropped 3.8% to $105.34/barrel, positioned for its first monthly decline since November (-8.1% month-to-date). The broader commodity complex also sold off, with copper slipping 2.5%. On the data front, today’s lone economic release revealed mortgage applications climbed 4.2% in the latest week, supported in part by solid demand for the adjustable-rate structure.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups Led Decliners
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -0.46%) and Bank Index ($BKX -0.34%) both edged lower while the Retail Index ($RLX +0.12%) finished with a small gain. The Oil Services Index ($OSX -5.22%) and Integrated Oil Index ($XOI -4.45%) both were standout decliners while the Gold & Silver Index ($XAU -2.10%) also slumped. The Biotech Index ($BTK +1.46%) posted a gain but the Semiconductor Index ($SOX -1.12%) and Networking Index ($NWX -0.87%) both ended with losses.
PICTURED: The Bank Index ($BKX -0.34%) met resistance near its 50-day moving average (DMA) line and slumped to a new 2022 low.
| Oil Services |
$OSX |
65.51 |
-3.61 |
-5.22% |
+24.26% |
| Integrated Oil |
$XOI |
1,519.57 |
-70.85 |
-4.45% |
+28.97% |
| Semiconductor |
$SOX |
2,619.71 |
-29.67 |
-1.12% |
-33.61% |
| Networking |
$NWX |
679.19 |
-5.99 |
-0.87% |
-30.06% |
| Broker/Dealer |
$XBD |
378.12 |
-1.75 |
-0.46% |
-22.34% |
| Retail |
$RLX |
2,869.80 |
+3.40 |
+0.12% |
-32.10% |
| Gold & Silver |
$XAU |
120.28 |
-2.58 |
-2.10% |
-9.19% |
| Bank |
$BKX |
102.14 |
-0.34 |
-0.34% |
-22.75% |
| Biotech |
$BTK |
4,461.87 |
+64.29 |
+1.46% |
-19.15% |
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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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