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AFTER MARKET UPDATE - FRIDAY, AUGUST 23RD, 2024
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DOW |
+462.30 |
41,175.08 |
+1.14% |
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Volume |
815,667,864 |
+11% |
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Volume |
5,401,210,600 |
+4% |
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NASDAQ |
+258.44 |
17,877.79 |
+1.47% |
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Advancers |
2,447 |
89% |
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Advancers |
3,321 |
79% |
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S&P 500 |
+63.97 |
5,634.61 |
+1.15% |
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Decliners |
302 |
11% |
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Decliners |
904 |
21% |
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Russell 2000 |
+68.67 |
2,218.70 |
+3.19% |
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52 Wk Highs |
281 |
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52 Wk Highs |
275 |
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S&P 600 |
+41.19 |
1,412.16 |
+3.00% |
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52 Wk Lows |
6 |
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52 Wk Lows |
61 |
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Major Indices Rallied on Fed Chair's Latest Remarks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices closed near Friday's session highs as the Dow Jones Industrial Average rose +1.1%, the S&P 500 posted a +1.2% gain, the Nasdaq Composite climbed +1.5%, and the Russell 2000 outperformed with a +3.2% gain. Volume reported was higher than the prior session total on the NYSE and on the Nasdaq exchange. Breadth was positive as advancers led decliners by an 8-1 margin on the NYSE and by more than a 3-1 margin on the Nasdaq exchange. There were 99 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 65 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 Dow Jones Industrial Average posted a solid gain, rallying near its all-time high. Recently it found prompt support well above its 200-day moving average (DMA) line and rebounded above its 50 DMA line.
The major indices continued building on gains after Fed Chair Powell's dovish sounding comments at the Jackson Hole Economic Symposium. Mr. Powell all but confirmed that a rate cut is coming in September, acknowledging that "the time has come for policy to adjust." Powell also noted, "downside risks to employment have increased." A stronger than expected new home sales report for July also helped sentiment.
All 11 S&P 500 sectors closed higher led by real estate (+2.0%), consumer discretionary (+1.7%), information technology (+1.7%), energy (+1.5%), and materials (+1.4%). The consumer staples sector logged the slimmest gain, up 0.2%. The 10-yr note yield fell six basis points to 3.81% and the 2-yr note yield, which is most sensitive to changes in the fed funds rate, declined ten basis points to 3.91%.
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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, Tech, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.04%) and Broker/Dealer Index ($XBD +1.78%) both posted solid gains. The tech sector was led higher by the Semiconductor Index ($SOX +2.79%) and the Networking Index ($NWX +3.00%) while the Biotech Index ($BTK +0.48%) posted a smaller gain. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.30%) and Integrated Oil Index ($XOI +1.64%) rose and the Oil Services Index ($OSX +3.05%) posted a standout gain.
PICTURED: The Bank Index ($BKX +2.37%) posted a big gain, rebounding near its 2024 high.
| Oil Services |
$OSX |
82.89 |
+2.45 |
+3.05% |
-1.18% |
| Integrated Oil |
$XOI |
1,996.18 |
+32.11 |
+1.64% |
+7.18% |
| Semiconductor |
$SOX |
5,228.65 |
+141.75 |
+2.79% |
+25.22% |
| Networking |
$NWX |
1,027.89 |
+29.91 |
+3.00% |
+23.42% |
| Broker/Dealer |
$XBD |
677.16 |
+11.86 |
+1.78% |
+21.51% |
| Retail |
$RLX |
4,454.95 |
+45.96 |
+1.04% |
+14.56% |
| Gold & Silver |
$XAU |
157.27 |
+2.01 |
+1.30% |
+25.13% |
| Bank |
$BKX |
113.69 |
+2.63 |
+2.37% |
+18.41% |
| Biotech |
$BTK |
5,862.97 |
+27.74 |
+0.48% |
+8.20% |
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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***
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 |
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Max Buy |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$81.38
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+4.29
5.56% |
$81.73
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37,498
40.32% of 50 DAV
50 DAV is 93,000
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$87.13
-6.60%
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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 - 8/23/2024 4:15:39 PM
G - Posted a big gain today backed by below average volume. Volume totals have been cooling while consolidating above its 50 DMA line ($75.77). 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 |
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News |
Chart |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
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$73.70
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+2.04
2.85% |
$74.57
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425,390
60.25% of 50 DAV
50 DAV is 706,000
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$73.01
0.95%
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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 - 8/21/2024 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 |
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C
A
S
I |
MMYT
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$100.00
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+2.23
2.28% |
$100.48
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364,027
52.15% of 50 DAV
50 DAV is 698,000
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$100.67
-0.67%
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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 - 8/22/2024 7:10:23 PM
Y - There was a "negative reversal" today for a loss with light volume after touching a new all-time high. Posted a big gain on the prior session 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 ($88.48).
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
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C
A
S
I |
TXRH
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NASDAQ
Texas Roadhouse
Retail-Restaurants
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$168.59
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+0.27
0.16% |
$171.98
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516,970
63.20% of 50 DAV
50 DAV is 818,000
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$177.72
-5.14%
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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 - 8/21/2024 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 |
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C
A
S
I |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$97.08
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+0.53
0.55% |
$97.57
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1,132,847
36.66% of 50 DAV
50 DAV is 3,090,000
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$97.29
-0.22%
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7/30/2024
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$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 |
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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 |
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Max Buy |
MELI
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NASDAQ
MercadoLibre
Retail-Internet
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$2,000.31
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+11.48
0.58% |
$2,009.82
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157,062
49.24% of 50 DAV
50 DAV is 319,000
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$2,029.99
-1.46%
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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 - 8/21/2024 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 |
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C
A
S
I |
PDD
-
NASDAQ
PDD Holdings ADR
Retail-Internet
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$139.87
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-7.32
-4.97% |
$145.28
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16,337,937
245.50% of 50 DAV
50 DAV is 6,655,000
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$164.69
-15.07%
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8/22/2024
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$146.35
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PP = $164.79
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MB = $173.03
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Most Recent Note - 8/23/2024 4:11:38 PM
Y - Gapped down today and suffered a damaging volume-driven loss, slumping near its 50 DMA line ($137.65) which defines important near-term support. Color code was changed to yellow with pivot point cited based on its 5/24/24 high plus 10 cents. Due to report Jun '24 quarterly results on 8/26/24. Fundamentals have been strong. It faces near-term resistance due to overhead supply up to the $164 level. Subsequent gains above the pivot point backed by at least +40% above average volume are needed to trigger a proper technical buy signal. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Rebounding Toward Prior High With Earnings News Due - 8/22/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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.
This report is a service available
only to active Paid Premium Members.
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