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AFTER MARKET UPDATE - THURSDAY, JUNE 23RD, 2022
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DOW |
+194.23 |
30,677.36 |
+0.64% |
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Volume |
1,093,170,631 |
-10% |
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Volume |
5,267,561,800 |
+2% |
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NASDAQ |
+179.11 |
11,232.19 |
+1.62% |
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Advancers |
1,866 |
60% |
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Advancers |
2,588 |
60% |
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S&P 500 |
+35.84 |
3,795.73 |
+0.95% |
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Decliners |
1,255 |
40% |
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Decliners |
1,707 |
40% |
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Russell 2000 |
+21.40 |
1,711.67 |
+1.27% |
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52 Wk Highs |
4 |
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52 Wk Highs |
36 |
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S&P 600 |
+21.40 |
1,117.67 |
+1.95% |
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52 Wk Lows |
261 |
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52 Wk Lows |
292 |
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The solid +1.62% gain from the Nasdaq Composite Index with slightly higher volume narrowly registered as a follow-through day confirming a new uptrend (M criteria). New buying may be justified only in stocks meeting all key criteria as they rise from sound bases. Patience and discipline are always important.
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Nasdaq Composite Index Led Major Indices in New Rally
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite rallied 1.6%, while the Dow advanced 194 points. The S&P 500 climbed 1.0%, on track for a weekly gain of 3.3%. Still, the broad benchmark remains poised for its worst first half of a year since 1970 (-20.4%).Volume totals reported were mixed, lighter than the prior session on the NYSE and higher on the Nasdaq exchange. Advancers led decliners by a 3-2 margin on the NYSE and 5-3 on the Nasdaq exchange. Leadership remained thin as there were 5 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 still solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The Nasdaq Composite Index posted a +1.62% gain with slightly higher volume, and coupled with an increase in the number of stocks hitting new highs, the action marked a follow-through on Day 4 of the new rally attempt. The action was not extremely bullish, yet it may serve as an early confirmation day for a new market uptrend (M criteria). A sustainable rally will require an expansion in the number of stocks hitting new highs, so the days ahead still require great caution and discipline behind any new buying efforts.
Chart courtesy of www.stockcharts.com PICTURED: The Nasdaq Composite Index posted a +1.62% gain with slightly higher volume and an increase in the number of stocks hitting new highs, marking a follow-through on Day 4 of the rally attempt. The action was not extremely bullish, yet it may serve as an early confirmation day for a new market uptrend (M criteria).
U.S. stocks ended higher during a volatile session on Thursday as investors weighed the risk of a looming recession. Concerns surrounding persistent inflation, aggressive Federal Reserve (Fed) policy tightening, and slowing economic growth are among the contributors to this year’s steep sell-off.
Additional comments from Fed Chair Jerome Powell were in focus during his second day of congressional testimony. Powell reiterated the Fed’s “unconditional” commitment to battling the highest inflation in over four decades, and noted officials would be hesitant to lower rates until there was clear evidence of easing price pressures. Yesterday, the Fed chief acknowledged the risk of a recession as engineering a soft landing was proving to be “significantly more challenging,” and that policymakers would continue to make decisions on a meeting-by-meeting basis.
Treasuries rallied, with the 10-year note yield falling six basis points (0.06%) to 3.09%. On the data front, weekly initial jobless claims came in at 229,000, still underscoring a tight labor market. Separately, preliminary readings of U.S. business activity from S&P Global revealed growth in the manufacturing and services sectors slowed more than anticipated in June. However, both updates showed some signs of softening input price inflation.
Seven of 11 S&P 500 sectors finished in positive territory with defensive-oriented groups outperforming. Energy lagged as West Texas Intermediate crude slid 2.1% to $103.93/barrel.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Biotech Index Led Gainers; Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Biotech Index ($BTK +4.39%) led the tech sector higher while the Networking Index ($NWX +1.34%) posted a smaller gain but the Semiconductor Index ($SOX -0.65%) sputtered lower. Commodity-linked groups suffered big losses as the Oil Services Index ($OSX -4.76%) and Integrated Oil Index ($XOI -4.28%) both outpaced the Gold & Silver Index ($XAU -3.72%) to the downside. The Bank Index ($BKX -1.35%) fell while the Broker/Dealer Index ($XBD +0.05%) and Retail Index ($RLX +0.09%) both finished flat.
PICTURED: The Biotech Index ($BTK +4.39%) rebounded and closed above its 50-day moving average (DMA) line as it recovered from a new 2022 low.
| Oil Services |
$OSX |
62.39 |
-3.12 |
-4.76% |
+18.34% |
| Integrated Oil |
$XOI |
1,454.45 |
-65.00 |
-4.28% |
+23.45% |
| Semiconductor |
$SOX |
2,602.74 |
-16.97 |
-0.65% |
-34.04% |
| Networking |
$NWX |
688.27 |
+9.08 |
+1.34% |
-29.12% |
| Broker/Dealer |
$XBD |
378.30 |
+0.19 |
+0.05% |
-22.30% |
| Retail |
$RLX |
2,945.01 |
+2.62 |
+0.09% |
-30.32% |
| Gold & Silver |
$XAU |
115.80 |
-4.48 |
-3.72% |
-12.57% |
| Bank |
$BKX |
100.78 |
-1.38 |
-1.35% |
-23.78% |
| Biotech |
$BTK |
4,657.92 |
+195.95 |
+4.39% |
-15.59% |
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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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