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AFTER MARKET UPDATE - WEDNESDAY, JULY 31ST, 2024
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DOW |
+99.46 |
40,842.79 |
+0.24% |
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Volume |
1,269,426,617 |
+40% |
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Volume |
6,363,271,300 |
+11% |
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NASDAQ |
+451.98 |
17,599.40 |
+2.64% |
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Advancers |
1,705 |
62% |
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Advancers |
2,629 |
62% |
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S&P 500 |
+85.86 |
5,522.30 |
+1.58% |
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Decliners |
1,042 |
38% |
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Decliners |
1,598 |
38% |
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Russell 2000 |
+11.34 |
2,254.48 |
+0.51% |
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52 Wk Highs |
351 |
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52 Wk Highs |
287 |
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S&P 600 |
+7.72 |
1,435.83 |
+0.54% |
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52 Wk Lows |
21 |
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52 Wk Lows |
103 |
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Major Indices Rose With Greater Volume and Leadership Behind Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 jumped 1.6% and the Nasdaq Composite logged a 2.6% gain while the Dow Jones Industrial Average (+0.2%) and Russell 2000 (+0.5%) settled with smaller gains. Volume reported was higher than the prior session total on the NYSE and on the Nasdaq exchange, indicative of greater institutional buying demand. Advancers led decliners by an 8-5 margin on the NYSE and by 5-3 on the Nasdaq exchange. There were 95 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 88 on the prior session. New 52-week highs totals expanded and solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in an uptrend that has been encountering pressure (M criteria). Remember that any uptrend requires healthy leadership and it remains important for a continuing flow of stocks hitting new highs.
PICTURED: The Dow Jones Industrial Average found support well above its 50-day moving average (DMA) line with a damaging volume-driven loss.
The FOMC voted unanimously to leave the target range for the fed funds rate unchanged at 5.25-5.50%, as expected. Fed Chair Powell's press conference was also largely what the market expected to hear. He didn't pre-commit the FOMC to cutting rates at the September meeting. More than once e stated that the discussion of a rate cut would be on the table if the Fed gets the data it hopes it will get. Treasuries had a muted response as the 10-yr note yield fell three basis to 4.11% and the 2-yr note yield declined two basis points to 4.34%.
The strength in semiconductor shares was in response to earnings news from AMD (AMD +4.38%). NVIDIA (NVDA +12.81%) was a top performer. Meanwhile, there was an earnings-related loss for Microsoft (MSFT -1.08%). Dow component Boeing (BA +2.00%) rose after reporting earnings.
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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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Semiconductor Index Led Widespread Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +2.11%) posted a solid gain while the Broker/Dealer Index ($XBD +0.28%) edged higher and the Bank Index ($BKX -0.76%) finished in the red. The tech sector was led by a huge gain from the Semiconductor Index ($SOX +7.01%) while the Networking Index ($NWX +2.55%) also posted a solid gain and the Biotech Index ($BTK +0.50%) edged higher. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +2.60%), Oil Services Index ($OSX +1.80%) and the Integrated Oil Index ($XOI +0.70%) posted unanimous gains.
PICTURED: The Bank Index ($BKX -0.76%) was a laggard on Wednesday as it pulled back from its 2024 high.
| Oil Services |
$OSX |
91.95 |
+1.63 |
+1.80% |
+9.62% |
| Integrated Oil |
$XOI |
2,074.75 |
+14.37 |
+0.70% |
+11.40% |
| Semiconductor |
$SOX |
5,233.18 |
+343.03 |
+7.01% |
+25.33% |
| Networking |
$NWX |
952.04 |
+23.69 |
+2.55% |
+14.32% |
| Broker/Dealer |
$XBD |
660.18 |
+1.87 |
+0.28% |
+18.46% |
| Retail |
$RLX |
4,573.30 |
+94.33 |
+2.11% |
+17.60% |
| Gold & Silver |
$XAU |
152.33 |
+3.86 |
+2.60% |
+21.20% |
| Bank |
$BKX |
114.57 |
-0.88 |
-0.76% |
+19.32% |
| Biotech |
$BTK |
5,740.22 |
+28.77 |
+0.50% |
+5.93% |
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Hit New High While Making Steady Progress
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Granite Construction (GVA +$0.43 +0.63% or $68.46) posted a gain backed by average volume today as it touched another new all-time high. Prior highs in the $64 area define initial support to watch above its 50-day moving average (DMA) line ($62.79).
GVA was 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. It was last shown in this FSU section on 7/02/24 with an annotated graph under the headline "Granite Testing Support at 50-Day Moving Average".
Granite Construction has a 92 Earnings Per Share Rating. It reported solid earnings increases backed by accelerating sales revenues growth in the Jun, Sep, Dec '23, and Mar '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady. It hails from the Bldg-Heavy Construction group which is currently ranked 11th on the 197 Industry Groups list (L criteria). The number of top-rated funds owning its shares rose from 401 in Jun '23 to 415 in Mar '24.
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 | $1,294.22 | +30.06
2.38% | $1,302.45 | 267,062
111.28% of 50 DAV
50 DAV is 240,000 | $1,369.58
-5.50%
| 7/31/2024 | $1,294.22 | PP = $1,369.68 | | MB = $1,438.16 |  Most Recent Note - 7/31/2024 5:10:08 PM
Y - Color code is changed to yellow after today''s 4th consecutive gain helped it rebound above its 50 DMA line ($1,294). It is -5.5% off its all-time high. The new pivot point cited is based on its 6/06/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume are needed to trigger a proper new technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Lingering Below 50-Day Moving Average But Only -7% Off High - 7/10/2024 | 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 | $85.05 | +2.59
3.14% | $86.47 | 77,394
75.14% of 50 DAV
50 DAV is 103,000 | $85.10
-0.06%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 7/31/2024 5:12:29 PM
G - Posted a gain today with below-average volume for a new all-time high, getting more extended from any sound base. Prior highs in the $75 area define initial support to watch above its 50 DMA line ($73.17). Do not be confused as shares split 5:1 (Featured Price and Pivot Point were adjusted).
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 | 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 | $132.63 | +3.40
2.63% | $132.89 | 3,440,237
91.06% of 50 DAV
50 DAV is 3,778,000 | $148.15
-10.48%
| 6/7/2024 | $143.06 | PP = $138.38 | | MB = $145.30 | Most Recent Note - 7/31/2024 5:05:37 PM
Posted a 3rd consecutive gain today with lackluster volume. It will be dropped from the Featured Stocks list tonight while still sputtering after slumping below its 50 DMA line triggering a technical sell signal. A rebound above the 50 DMA line ($138) is needed to help its outlook improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Violation of 50-Day Moving Average Line Raised Concerns - 7/24/2024 | 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 | $68.46 | +0.43
0.63% | $69.66 | 767,464
111.88% of 50 DAV
50 DAV is 686,000 | $69.30
-1.21%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 7/31/2024 4:56:39 PM
G - Posted a gain backed by average volume hitting another new all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($62.79). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | DDOG - NASDAQ
Datadog Inc
Computer Sftwr-Enterprse | $116.44 | +1.76
1.53% | $117.89 | 3,295,846
90.63% of 50 DAV
50 DAV is 3,636,400 | $138.61
-15.99%
| 7/9/2024 | $126.92 | PP = $138.71 | | MB = $145.65 | Most Recent Note - 7/31/2024 4:58:58 PM
It will be dropped from the Featured Stocks list. Recent losses violated support at its 200 DMA line raising serious concerns and triggering a worrisome technical sell signal. Its Relative Strength Rating has slumped to 40, well below the 80+ minimum guideline for buy candidates. A rebound above the 50 DMA line ($120.78) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Consolidating Within Close Range of 52-Week High - 7/9/2024 | 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 | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $93.59 | +0.25
0.27% | $95.46 | 588,992
76.69% of 50 DAV
50 DAV is 768,000 | $100.22
-6.62%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 7/26/2024 6:46:38 PM
Y - Posted a gain today with below average volume. Finished strong after highlighted in yellow in the 7/23/24 mid-day report with pivot point cited based on its 7/10/24 high plus 10 cents. Triggered a technical buy signal as it powered to a new all-time high.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants | $174.61 | +0.74
0.43% | $176.66 | 769,860
93.89% of 50 DAV
50 DAV is 820,000 | $175.72
-0.63%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 7/26/2024 6:41:58 PM
Y - Encountered distributional pressure after highlighted in yellow with pivot point cited based on its 6/28/24 high plus 10 cents in the earlier mid-day report. Gapped up rebounding from below its 50 DMA line and back within close striking distance of its all-time high. Subsequent gains and a close above the pivot point backed by at least +40% above average volume may trigger a proper technical buy signal. Reported Jun '24 quarterly earnings +47% on +15% sales revenues versus the year-ago period. Sequential quarterly comparisons show impressive earnings growth rate acceleration. Annual earnings growth has been strong since a downturn in FY '20. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $95.70 | +1.89
2.01% | $96.93 | 4,047,303
140.78% of 50 DAV
50 DAV is 2,875,000 | $94.89
0.85%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 7/30/2024 11:30:41 PM
Y - Finished strong after highlighted in yellow with pivot point cited based on its 5/28/24 high plus 10 cents. Hit a new all-time high triggering a technical buy signal with today's considerable "breakaway gap" and volume-driven gain. Recent quarterly comparisons through Jun '24 showed earnings increases above the +25% minimum guideline (C criteria) versus the year-ago period. Annual earnings (A criteria) history has improved after a downturn in FY '19-20. See the latest FSU analysis for more details.
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 | 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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