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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 2ND, 2022
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DOW |
-337.98 |
31,318.44 |
-1.07% |
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Volume |
797,047,425 |
-12% |
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Volume |
4,240,005,400 |
-12% |
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NASDAQ |
-154.26 |
11,630.86 |
-1.31% |
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Advancers |
1,259 |
42% |
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Advancers |
1,624 |
38% |
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S&P 500 |
-42.59 |
3,924.26 |
-1.07% |
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Decliners |
1,725 |
58% |
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Decliners |
2,596 |
62% |
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Russell 2000 |
-13.07 |
1,809.75 |
-0.72% |
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52 Wk Highs |
18 |
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52 Wk Highs |
42 |
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S&P 600 |
-7.60 |
1,161.88 |
-0.65% |
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52 Wk Lows |
101 |
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52 Wk Lows |
219 |
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Deterioration has been noted in the market uptrend (M criteria) in recent market commentaries. A caution flag has been raised by the technical damage in the major indices coupled with a shrinking list of stocks hitting new highs.
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Stocks Reversed Early Gains to End Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 shed 1.1%, settling back below the psychologically important 4,000 level to log a weekly slide of 3.3%. The Nasdaq Composite slipped 1.3% to decline for the sixth straight day--its longest losing streak since August 2019. The tech-heavy index weathered a five-session drawdown of 4.2%. The Dow wiped out a 370-point advance to end 337 points lower, bringing the blue chip index’s weekly drop to 3%. The volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by almost a 3-2 margin on the NYSE and by 5-3 on the Nasdaq exchange. There were 0 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, for the 4th consecutive session. New 52-week lows totals solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The market uptrend is now under pressure (M criteria). Any sustainable rally requires a healthy crop of leading stocks hitting new highs.
Chart courtesy of www.stockcharts.com%20on%20Tuesday.%20Yesterday,%20the%20broad%20benchmark%20eclipsed%20the%204,300%20level%20for%20the%20first%20time%20since%20late%20April.%20The%20Nasdaq%20Composite%20fell%201.3%%20amid%20weakness%20in%20mega-cap%20tech%20shares.%20The%20volume%20totals%20reported%20were%20mixed,%20lighter%20than%20the%20prior%20session%20on%20the%20NYSE%20and%20higher%20on%20the%20Nasdaq%20exchange.%20Decliners%20led%20advancers%20by%20a%204-1%20margin%20on%20the%20NYSE%20ad%20by%20a%203-1%20margin%20on%20the%20Nasdaq%20exchange.%20There%20were%2017%20high-ranked%20companies%20from%20the%20Leaders%20List%20that%20hit%20new%2052-week%20highs%20and%20were%20listed%20on%20the%20BreakOuts%20Page,%20down%20from%20the%20total%20of%2045%20on%20the%20prior%20session.%20New%2052-week%20highs%20outnumbered%20new%2052-week%20lows%20on%20the%20NYSE,%20but%20new%20lows%20outnumbered%20new%20highs%20on%20the%20Nasdaq%20exchange.%20The%20market%20is%20in%20a%20confirmed%20uptrend%20(M%20criteria).%20Any%20sustainable%20rally%20requires%20a%20healthy%20crop%20of%20leading%20stocks%20hitting%20new%20highs,%20so%20the%20recent%20improvement%20in%20leadership%20was%20a%20reassuring%20sign.)  PICTURED: The S&P 500 Index recently violated its 50-day moving average (DMA) line. Its rebound met resistance near its 200 DMA line in recent weeks.
U.S. equities reversed early session gains to finish lower on Friday as Wall Street closed out a third consecutive downbeat week. Investors assessed the latest jobs report for clues surrounding the size of the Federal Reserve’s (Fed) next rate hike later this month. Meanwhile, news of an extended shutdown of the Nord Stream pipeline--a key European gas conduit--pressured overall sentiment heading into the long holiday weekend.
On the data front, early read-throughs on the Labor Department’s monthly jobs report characterized it as a “Goldilocks” release, neither spurring more aggressive Fed action, nor inciting worries about economic growth. The U.S. economy added 315,000 non-farm payrolls in August, while the unemployment rate unexpectedly climbed to 3.7%. Furthermore, an uptick in the labor force participation rate helped wage inflation steady at 5.2% year-over-year, providing a sign that the jobs market could be softening somewhat, potentially easing pressure on central bank officials to maintain the current pace of jumbo rate hikes.
Treasuries rallied, with the yield on the more Fed-sensitive two-year note down 12 basis points (0.12%) to 3.39% after hitting a fresh 14-year high yesterday. The yield on benchmark 10-year note slipped seven basis points (0.07%) to 3.19%. |
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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Commodity-Linked Groups Rose While Other Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -0.91%), Bank Index ($BKX -0.61%), and Retail Index ($RLX -0.33%) each suffered modest losses. Meanwhile, commodity-linked groups rebounded and were big gainers on Friday as the Oil Services Index ($OSX +4.24%), Integrated Oil Index ($XOI +2.28%), and Gold & Silver Index ($XAU +3.55%) each posted solid gains. The tech sector had a negative bias as the Semiconductor Index ($SOX -1.02%) and Biotech Index ($BTK -1.25%) both outpaced the Networking Index ($NWX -0.33%) to the downside.
PICTURED: The Retail Index ($RLX -0.33%) is sputtering back near its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
68.98 |
+2.81 |
+4.24% |
+30.84% |
| Integrated Oil |
$XOI |
1,642.91 |
+36.64 |
+2.28% |
+39.44% |
| Semiconductor |
$SOX |
2,599.26 |
-26.68 |
-1.02% |
-34.13% |
| Networking |
$NWX |
796.05 |
-2.67 |
-0.33% |
-18.02% |
| Broker/Dealer |
$XBD |
435.79 |
-4.01 |
-0.91% |
-10.49% |
| Retail |
$RLX |
3,244.03 |
-10.88 |
-0.33% |
-23.24% |
| Gold & Silver |
$XAU |
98.07 |
+3.36 |
+3.55% |
-25.96% |
| Bank |
$BKX |
104.97 |
-0.64 |
-0.61% |
-20.61% |
| Biotech |
$BTK |
4,699.40 |
-59.56 |
-1.25% |
-14.84% |
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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 |
|
Max Buy |
CI
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NYSE
Cigna Corp
Medical-Managed Care
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$287.70
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-0.34
-0.12% |
$292.78
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2,032,764
105.38% of 50 DAV
50 DAV is 1,929,000
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$293.96
-2.13%
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7/7/2022
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$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 8/31/2022 12:25:54 PM
Y - Quietly consolidating back below its "max buy" level with below average volume. Volume totals have been cooling while still hovering near its all-time high. Reported earnings for the Jun '22 quarter rose +19% on +5% sales revenues versus the year ago period, breaking a streak of 3 quarterly earnings increases above the +25% minimum guideline (C criteria), raising fundamental concerns. Near-term support to watch is at its 50 DMA line ($277).
>>> FEATURED STOCK ARTICLE : Cigna Hovering Near High Despite Earnings Under +25% Minimum - 8/26/2022 |
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C
A
S
I |
AN
-
NYSE
Autonation Inc
SPECIALTY RETAIL - Auto Dealerships
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$122.54
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-1.05
-0.85% |
$125.15
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756,184
114.75% of 50 DAV
50 DAV is 659,000
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$135.57
-9.61%
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7/20/2022
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$122.03
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PP = $126.49
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MB = $132.81
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Most Recent Note - 8/30/2022 5:40:32 PM
Y - Stalled after its recent breakout and sputtering near prior highs in the $126 area which were noted as initial support to watch. Faces no resistance due to overhead supply. Reported Jun '22 quarterly earnings +34% on -2% sales revenues versus the year ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Autonation Stalled After Recent Breakout - 8/30/2022 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
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$36.59
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-0.31
-0.84% |
$37.35
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11,943
22.53% of 50 DAV
50 DAV is 53,000
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$41.68
-12.21%
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7/26/2022
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$37.74
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PP = $39.19
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MB = $41.15
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Most Recent Note - 9/1/2022 6:44:04 PM
Y - Testing its 50 DMA line ($36.41) with today's 5th consecutive loss on lighter than average volume while slumping below prior resistance in the $39 area. Confirming gains above the pivot point backed by at least +40% above average volume would be a reassuring sign of fresh institutional buying. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Testing 50-Day Moving Average With 5th Straight Loss - 9/1/2022 |
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C
A
S
I |
GPK
-
NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers
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$22.40
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+0.12
0.54% |
$22.80
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2,627,044
89.60% of 50 DAV
50 DAV is 2,932,000
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$23.71
-5.53%
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7/26/2022
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$22.63
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PP = $23.09
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MB = $24.24
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Most Recent Note - 9/1/2022 6:47:12 PM
Y - Stalled since its 8/10/22 breakout and it is consolidating just above its 50 DMA line ($21.91) which defines important near-term support. More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Churned Heavy Volume Perched at High After 6 Straight Gains - 8/15/2022 |
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C
A
S
I |
CSL
-
NYSE
Carlisle Cos Inc
Diversified Operations
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$295.96
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-3.00
-1.00% |
$304.30
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291,324
61.85% of 50 DAV
50 DAV is 471,000
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$318.71
-7.14%
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7/28/2022
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$282.31
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PP = $275.23
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MB = $288.99
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Most Recent Note - 9/2/2022 5:24:05 PM
G - Reversed an early gain and ended the session with a loss and near the session low. It remains extended from the previously noted base. Its 50 DMA line ($280) and prior highs in the $275 area define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Pulling Back From All-Time High After Volume-Driven Gains - 8/22/2022 |
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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 |
|
Max Buy |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
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$279.07
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-2.79
-0.99% |
$287.69
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2,526,241
76.02% of 50 DAV
50 DAV is 3,323,000
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$308.88
-9.65%
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7/28/2022
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$276.66
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PP = $282.55
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MB = $296.68
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Most Recent Note - 9/1/2022 6:45:09 PM
Y - Pulled back again today with light volume. Volume totals cooled while hovering near its all-time high in recent weeks. The prior high in the $282 area has been noted as initial support to watch above its 50 DMA line ($249.31). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Enphase Energy Consolidating After Rallying to New Highs - 8/19/2022 |
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C
A
S
I |
PWR
-
NYSE
Quanta Services Inc
MATERIALS and CONSTRUCTION - General Contractors
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$140.60
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+1.50
1.08% |
$144.68
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790,262
71.32% of 50 DAV
50 DAV is 1,108,000
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$149.33
-5.85%
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7/28/2022
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$141.83
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PP = $140.14
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MB = $147.15
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Most Recent Note - 9/2/2022 5:22:28 PM
Y - Posted a small gain today with light volume. Volume totals have been below average while recently wedging back above its pivot point since encountering some distributional pressure. Confirming volume-driven gains for new highs would be a reassuring sign of serious institutional buying demand. Its 50 DMA line ($135.50) defines important near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Stalled After Breakout But Still Quietly Hovering Near High - 8/16/2022 |
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C
A
S
I |
GFF
-
NYSE
Griffon Corporation
MATERIALS and CONSTRUCTION - General Building Materials
|
$31.74
|
-0.04
-0.13% |
$32.37
|
246,674
56.19% of 50 DAV
50 DAV is 439,000
|
$34.35
-7.60%
|
8/8/2022
|
$32.46
|
PP = $31.12
|
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MB = $32.68
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Most Recent Note - 8/31/2022 6:20:30 PM
Y - Color code is changed to yellow after pulling back below its "max buy" level with below average volume behind recent losses. Prior highs in the $31 area define initial support to watch above its 50 DMA line ($29.16).
>>> FEATURED STOCK ARTICLE : Best Ever Close With Gain on Lighter Volume - 8/25/2022 |
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C
A
S
I |
CLH
-
NYSE
Clean Harbors Inc
Pollution Control
|
$116.78
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+0.27
0.23% |
$120.14
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281,848
89.48% of 50 DAV
50 DAV is 315,000
|
$124.33
-6.07%
|
8/10/2022
|
$111.78
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PP = $115.10
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MB = $120.86
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Most Recent Note - 9/1/2022 12:19:55 PM
Y - Color code was changed to yellow this week while quietly consolidating back below its "max buy" level. Noted gain and strong close above the pivot point backed by +116% above average volume on 8/12/22 triggered a technical buy signal. No resistance remains due to overhead supply. Fundamentals remain strong. Prior high in the $115 area defines important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Quietly Consolidating Below "Max Buy" Level After Breakout - 8/29/2022 |
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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.
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