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AFTER MARKET UPDATE - FRIDAY, AUGUST 9TH, 2024
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DOW |
+51.05 |
39,497.54 |
+0.13% |
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Volume |
850,202,183 |
-13% |
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Volume |
5,908,895,200 |
+2% |
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NASDAQ |
+85.28 |
16,745.30 |
+0.51% |
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Advancers |
1,417 |
52% |
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Advancers |
1,959 |
47% |
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S&P 500 |
+24.85 |
5,344.16 |
+0.47% |
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Decliners |
1,320 |
48% |
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Decliners |
2,168 |
53% |
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Russell 2000 |
-3.51 |
2,080.92 |
-0.17% |
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52 Wk Highs |
44 |
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52 Wk Highs |
61 |
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S&P 600 |
-2.40 |
1,336.33 |
-0.18% |
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52 Wk Lows |
50 |
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52 Wk Lows |
157 |
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The market has been in a noted correction (M criteria). Disciplined investors know to avoid new buying efforts until a solid follow-through day is noted. During market corrections it is best to reduce exposure by selling any weakening stocks on a case-by-case basis.
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Major Indices Posted Small Gains as Small Caps Lagged
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The three major indices ultimately settled with gains. The S&P 500 rose 0.47% and the Nasdaq Composite closed 0.51% higher. Small and mid cap stocks lagged their larger peers, leading the Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.03%) to close with losses. Volume reported was lighter than the prior session total on the NYSE and slightly higher on the Nasdaq exchange. Advancers narrowly led decliners on the NYSE and decliners narrowly led advancers on the Nasdaq exchange. There were 19 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 17 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 market correction (M criteria). Disciplined investors know that they should wait for a new confirmed uptrend before any new buying efforts are supported under the fact-based investment system
 PICTURED: The S&P 500 Index has posted gains with lackluster volume while sputtering below its 50-day moving average (DMA) line. Recent deterioration raised greater concerns for the broader market outlook. Monday's session will mark Day 5 of the new rally attempt, and longtime readers know it is most ideal for a solid follow-through day to confirm a new uptrend between Days 4-7.
Nine S&P 500 sectors closed with gains led by communication services (+1.0%) and information technology (+0.6%). The materials sector was alone in negative territory at the close, down 0.1%, and the industrial sector closed flat. The 10-yr note yield dropped six basis points to 3.94% and the 2-yr note yield rose one basis point to 4.23%.
Eli Lilly (LLY +5.5%) was a standout gainer, building on its post-earnings gain. Apple (AAPL +1.4%), Microsoft (MSFT +0.8%), Amazon.com (AMZN +0.7%), and Meta Platforms (META +1.6%) were influential big cap winners.
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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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Financial, Retail, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +1.01%), Bank Index ($BKX +0.21%) and the Retail Index ($RLX +0.45%) each posted gains. The tech sector had a slightly negative bias as the Networking Index ($NWX -0.55%), Semiconductor Index ($SOX -0.43%), and the Biotech Index ($BTK -0.40%) each ended lower. The Gold & Silver Index ($XAU +0.86%) rose and the Integrated Oil Index ($XOI +0.43%) also edged higher.
PICTURED: The Oil Services Index ($OSX -0.47%) edged lower on Friday. It recently slumped below its 50-day and 200-day moving average (DMA) lines with an abrupt pullback.
| Oil Services |
$OSX |
82.10 |
-0.39 |
-0.47% |
-2.13% |
| Integrated Oil |
$XOI |
1,988.97 |
+8.51 |
+0.43% |
+6.79% |
| Semiconductor |
$SOX |
4,709.45 |
-20.56 |
-0.43% |
+12.79% |
| Networking |
$NWX |
936.57 |
-5.27 |
-0.56% |
+12.46% |
| Broker/Dealer |
$XBD |
631.80 |
+6.32 |
+1.01% |
+13.37% |
| Retail |
$RLX |
4,194.90 |
+18.67 |
+0.45% |
+7.87% |
| Gold & Silver |
$XAU |
142.21 |
+1.22 |
+0.86% |
+13.14% |
| Bank |
$BKX |
106.59 |
+0.23 |
+0.21% |
+11.00% |
| Biotech |
$BTK |
5,671.10 |
-22.72 |
-0.40% |
+4.66% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 |  USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $72.67 | +0.67
0.93% | $72.96 | 60,441
58.68% of 50 DAV
50 DAV is 103,000 | $87.13
-16.60%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 8/8/2024 6:29:21 PM
G - Posted a gain today with lighter volume after 5 consecutive losses raised concerns. A rebound above the 50 DMA line ($73.67) is needed for its outlook to improve.
>>> 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 | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $69.24 | +0.26
0.38% | $69.47 | 336,458
44.39% of 50 DAV
50 DAV is 758,000 | $73.01
-5.16%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 |  Most Recent Note - 8/9/2024 11:53:59 PM
G - Volume totals have been cooling while stubbornly holding its ground near its all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.75).
>>> 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 | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $93.99 | +0.43
0.46% | $94.93 | 306,214
41.78% of 50 DAV
50 DAV is 733,000 | $100.22
-6.22%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/8/2024 6:26:54 PM
Y - Posted a big gain today with lighter than average volume. Found prompt support near its 50 DMA line ($85) after damaging volume-driven losses. More damaging losses would raise greater concerns.
>>> 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 | $167.56 | -0.53
-0.32% | $169.07 | 491,070
58.74% of 50 DAV
50 DAV is 836,000 | $177.72
-5.72%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/8/2024 6:28:28 PM
G - Posted a gain today rebounding toward its 50 DMA line with lighter than average volume. A rebound above the 50 DMA line ($170) is needed for its outlook to improve.
>>> 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 | $93.09 | +1.21
1.32% | $93.18 | 1,961,222
62.78% of 50 DAV
50 DAV is 3,124,000 | $97.29
-4.32%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/8/2024 6:26:02 PM
Y - Posted a solid gain today with higher (near average) volume. Found prompt support after a pullback testing prior highs in the $85 area which define initial support to watch above its 50 DMA line ($82.50).
>>> 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 | 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 | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,883.62 | +14.22
0.76% | $1,909.80 | 232,949
71.24% of 50 DAV
50 DAV is 327,000 | $1,887.34
-0.20%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/9/2024 11:55:43 PM
Y - Wedged higher and hit another new 52-week high with today''s 4th consecutive gain backed by lighter than average volume.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 | 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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