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AFTER MARKET UPDATE - WEDNESDAY, AUGUST 21ST, 2024
Previous After Market Report Next After Market Report >>>
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DOW |
+55.52 |
40,890.49 |
+0.14% |
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Volume |
749,765,446 |
+1% |
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Volume |
4,818,858,500 |
-10% |
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NASDAQ |
+102.05 |
17,918.99 |
+0.57% |
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Advancers |
2,057 |
75% |
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Advancers |
2,962 |
70% |
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S&P 500 |
+23.73 |
5,620.85 |
+0.42% |
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Decliners |
679 |
25% |
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Decliners |
1,241 |
30% |
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Russell 2000 |
+28.37 |
2,170.56 |
+1.32% |
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52 Wk Highs |
156 |
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52 Wk Highs |
183 |
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S&P 600 |
+16.43 |
1,382.23 |
+1.20% |
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52 Wk Lows |
16 |
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52 Wk Lows |
71 |
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Breadth Positive as Major Indices Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Russell 2000 outperformed its peers, rising +1.3%. The S&P 500 logged a +0.4% gain and the Nasdaq Composite settled +0.6% higher. Volume reported for Wednesday was slightly higher than the prior session total on the NYSE and lower on the Nasdaq exchange. Breadth was positive as advancers led decliners by almost a 3-1 margin on the NYSE and by 5-2 on the Nasdaq exchange. There were 69 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 49 on the prior session. New 52-week highs totals expanded and outnumbered shrinking new 52-week lows on the NYSE and on the Nasdaq exchange. Bullish action in the major indices recently confirmed a new market uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system.
 PICTURED: The Nasdaq Composite Index posted a gain. Recently it found prompt support near its 200-day moving average (DMA) line and rebounded above its 50 DMA line.
The release of revisions to nonfarm payrolls for the April 2023-March 2024 period showed 818,000 fewer nonfarm payroll positions than previously thought, creating some concern that the labor market has been softening for a longer period than previously thought. The release of the minutes from the July 30-31 FOMC meeting highlighted that a rate cut was "plausible" at the meeting, suggesting a September cut was all but guaranteed. A fresh $16 billion 20-yr bond auction met good demand. The 10-yr note yield settled four basis points lower at 3.78% and the 2-yr note yield declined seven basis points to 3.92%.
Target (TGT +11.2%) surged after reporting earnings and raising its full-year earnings outlook. TJX (TJX +6.1%) also traded higher after reporting earnings and raising its full-year comparable sales guidance. This boosted the consumer staples (+0.6%) and consumer discretionary (+1.2%) sectors. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Broker/Dealer, and Semiconductor Indexes Led Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.18%) and Broker/Dealer Index ($XBD +0.79%) both posted gains while the Bank Index ($BKX -0.18%) suffered a small loss. The tech sector was mixed as the Semiconductor Index ($SOX +1.38%) outpaced the Biotech Index ($BTK +0.48%) while the Networking Index ($NWX -0.71%) ended slightly lower. Commodity-linked groups had a slightly positive bias as the Gold & Silver Index ($XAU +0.60%), Oil Services Index ($OSX +0.38%) and the Integrated Oil Index ($XOI +0.30%) each posted small gains.
PICTURED: The Networking Index ($NWX -0.71%) paused after 6 consecutive gains for new 2024 highs.
| Oil Services |
$OSX |
81.18 |
+0.31 |
+0.38% |
-3.22% |
| Integrated Oil |
$XOI |
1,963.89 |
+5.82 |
+0.30% |
+5.45% |
| Semiconductor |
$SOX |
5,267.93 |
+71.63 |
+1.38% |
+26.16% |
| Networking |
$NWX |
1,013.84 |
-7.22 |
-0.71% |
+21.74% |
| Broker/Dealer |
$XBD |
665.88 |
+5.20 |
+0.79% |
+19.49% |
| Retail |
$RLX |
4,489.37 |
+52.17 |
+1.18% |
+15.44% |
| Gold & Silver |
$XAU |
158.93 |
+0.94 |
+0.60% |
+26.45% |
| Bank |
$BKX |
110.33 |
-0.20 |
-0.18% |
+14.90% |
| Biotech |
$BTK |
5,905.19 |
+28.11 |
+0.48% |
+8.98% |
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Volume Cooling While Consolidating Above 50-Day Moving Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
U.S. Lime & Minerals (USLM +$1.18 or +1.52% to $78.69) has seen volume totals cooling while consolidating above its 50-day moving average (DMA) line ($75.24). Near-term resistance remains due to overhead supply up to the $87 level. Do not be confused as shares split 5:1 (Featured Price and Pivot Point were adjusted).
Fundamentals remain strong. USLM reported Jun '24 quarterly earnings +32% on +3% sales revenues versus the year-ago period. USLM has an Earnings Per Share Rating of 98. Prior quarterly and annual earnings (C and A criteria) history has been strong, a good match with the fact-based investment system's guidelines. Its shares split 5:1 effective on 7/15/24 and still the thinly-traded firm has only 28.6 million shares outstanding (S criteria), which can contribute to greater price volatility in the event of institutional buying or selling.
USLM was highlighted in yellow in the 2/09/24 mid-day report (read here). It was last shown in this FSU section on 7/22/24 with an annotated graph under the headline, "Recent Breakout Triggered New (or Add-On) Technical Buy Signal". The number of top-rated funds owning its shares rose from 192 in Mar '23 to 246 in Jun '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 2.0 is an unbiased indication its shares have been under accumulation over the past 50 days. It has an Accumulation/Distribution rating of B- and a Timeliness rating of A.
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 |  USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $78.69 | +1.18
1.52% | $78.83 | 25,449
26.51% of 50 DAV
50 DAV is 96,000 | $87.13
-9.69%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 8/20/2024 6:02:00 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($75). Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Consolidating Above 50-Day Moving Average - 8/21/2024 | 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 | $71.13 | +0.84
1.20% | $71.22 | 250,363
32.26% of 50 DAV
50 DAV is 776,000 | $73.01
-2.57%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 |  Most Recent Note - 8/21/2024 5:23:16 PM
G - Volume was below average behind today''s small gain. Prior highs in the $64 area define important support to watch coinciding with its 50 DMA line ($65.28).
>>> 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 | $99.83 | +6.33
6.77% | $99.90 | 940,527
133.41% of 50 DAV
50 DAV is 705,000 | $100.22
-0.39%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/21/2024 5:26:57 PM
Y - Posted a big gain today with +34% above-average volume and ended near the session high for a best-ever close. Recently found prompt support near its 50 DMA line ($88).
>>> 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 | $169.61 | +2.88
1.73% | $169.67 | 565,705
68.65% of 50 DAV
50 DAV is 824,000 | $177.72
-4.56%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/21/2024 5:24:40 PM
G - Posted a gain today with below-average volume. Closed just above its 50 DMA line ($169.51) which is now downward sloping and has acted as resistance.
>>> 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 | $96.26 | +0.63
0.66% | $96.61 | 1,321,852
42.39% of 50 DAV
50 DAV is 3,118,000 | $97.29
-1.06%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/20/2024 6:00:44 PM
Y - Volume totals have still been cooling while hovering near its all-time high. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($84.21).
>>> 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 | $2,007.46 | +1.80
0.09% | $2,015.46 | 237,681
74.28% of 50 DAV
50 DAV is 320,000 | $2,029.99
-1.11%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/21/2024 5:25:28 PM
G - Posted a gain today with light volume, hovering near its 52-week high. Prior highs define initial support to watch on pullbacks.
>>> 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***
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
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$77.51
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-0.34
-0.44% |
$78.35
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48,267
50.28% of 50 DAV
50 DAV is 96,000
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$87.13
-11.04%
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6/18/2024
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$71.26
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PP = $75.77
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MB = $79.56
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Most Recent Note - 8/20/2024 6:02:00 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($75). Near-term resistance remains due to overhead supply up to the $87 level.
>>> 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
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$70.29
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-1.29
-1.80% |
$71.85
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374,018
48.20% of 50 DAV
50 DAV is 776,000
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$73.01
-3.73%
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6/11/2024
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$59.76
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PP = $64.33
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MB = $67.55
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Most Recent Note - 8/16/2024 11:45:25 PM
G - Volume was below average behind the 2 latest gains while wedging to new high closes. Prior highs in the $64 area define important support to watch coinciding with its 50 DMA line ($64.59).
>>> 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
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$93.50
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-3.94
-4.04% |
$97.50
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622,754
88.33% of 50 DAV
50 DAV is 705,000
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$100.22
-6.71%
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7/23/2024
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$96.92
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PP = $93.39
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MB = $98.06
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Most Recent Note - 8/20/2024 5:59:25 PM
Y - Pulled back today with below-average volume after wedging to a best-ever close. Recently found prompt support near its 50 DMA line ($87.68).
>>> 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
|
$166.73
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-1.39
-0.83% |
$169.97
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803,002
97.45% of 50 DAV
50 DAV is 824,000
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$177.72
-6.18%
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7/26/2024
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$173.08
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PP = $175.82
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MB = $184.61
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Most Recent Note - 8/16/2024 11:43:52 PM
G - Pulled back today and closed below its 50 DMA line ($169.58) which is now downward sloping and may act as resistance.
>>> 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
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$95.63
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-0.74
-0.77% |
$96.71
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1,346,827
43.20% of 50 DAV
50 DAV is 3,118,000
|
$97.29
-1.71%
|
7/30/2024
|
$93.95
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PP = $85.52
|
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MB = $89.80
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Most Recent Note - 8/20/2024 6:00:44 PM
Y - Volume totals have still been cooling while hovering near its all-time high. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($84.21).
>>> 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
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$2,005.66
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-22.34
-1.10% |
$2,027.78
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224,913
70.29% of 50 DAV
50 DAV is 320,000
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$2,029.99
-1.20%
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8/5/2024
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$1,793.73
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PP = $1,792.15
|
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MB = $1,881.76
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Most Recent Note - 8/19/2024 5:17:21 PM
G - Posted a gain for another new 52-week high. Prior highs define initial support to watch on pullbacks.
>>> 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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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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