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AFTER MARKET UPDATE - WEDNESDAY, SEPTEMBER 4TH, 2024
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DOW |
+38.04 |
40,974.97 |
+0.09% |
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Volume |
859,822,783 |
-13% |
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Volume |
5,099,600,300 |
-13% |
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NASDAQ |
-52.00 |
17,084.30 |
-0.30% |
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Advancers |
1,418 |
52% |
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Advancers |
1,925 |
46% |
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S&P 500 |
-8.86 |
5,520.07 |
-0.16% |
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Decliners |
1,330 |
48% |
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Decliners |
2,291 |
54% |
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Russell 2000 |
-3.99 |
2,145.22 |
-0.19% |
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52 Wk Highs |
209 |
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52 Wk Highs |
88 |
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S&P 600 |
-2.90 |
1,368.94 |
-0.21% |
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52 Wk Lows |
48 |
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52 Wk Lows |
171 |
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Major Indices Ended Mixed and Little Changed
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices ended mixed and little changed on Wednesday. Volume reported was lighter than the prior session total on the NYSE and on the Nasdaq exchange. Advancers led decliners by a narrown margin on the NYSE and decliners led advances by a narrow margin on the Nasdaq exchange. There were 30 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 53 on the prior session. New 52-week highs totals outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs on the Nasdaq exchange for a second consecutive session. The major indices are in a confirmed 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 rebounded after undercutting its 50-day moving average (DMA) line and recently hit a news all-time high.
The JOLTS report showed that job openings fell to 7.673 mln from 7.910 mln in July, reaching their lowest level since early 2021. Tomorrow the market will process the latest weekly jobless claims and the ADP Employment. Change for August. NVIDIA (NVDA -1.66%) shares were volatile in response to a report it received a DOJ subpoena, which the company denied.
The 2-yr note yield declined 12 basis points to 3.77% and the 10-yr note yield also settled at 3.77%, down eight basis points. The fed funds futures market now sees a 45.0% probability of a 50 basis points rate cut at the September 17-18 FOMC meeting, up from 38.0% yesterday, according to the CME FedWatch Tool.
The rate-sensitive real estate (+0.3%) and utilities (+0.9%) sectors were winning standouts today. Meanwhile, energy (-1.4%) was the only sector down more than 0.5% after oil prices dropped below $70.00/bbl. WTI crude oil futures settled 1.8% lower at $69.13/bbl, reflecting lingering concerns about growth prospects impacting demand.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Finanical, Tech, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.01%) outpaced the Bank Index ($BKX -0.61%) and the Broker/Dealer Index ($XBD -0.41%) to the downside. The Semiconductor Index ($SOX +0.25%) eked out a small gain while the Networking Index ($NWX -0.61%) and the Biotech Index ($BTK -0.27%) both suffered small losses. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -0.61%), Oil Services Index ($OSX -1.51%), and the Integrated Oil Index ($XOI -1.47%) ended unanimously lower.
PICTURED: The Bank Index ($BKX -0.61%) and recently rebounded near its prior high. It found prompt support after an abrupt slump undercut its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
76.66 |
-1.17 |
-1.51% |
-8.61% |
| Integrated Oil |
$XOI |
1,916.61 |
-28.62 |
-1.47% |
+2.91% |
| Semiconductor |
$SOX |
4,770.85 |
+11.85 |
+0.25% |
+14.26% |
| Networking |
$NWX |
989.68 |
-6.04 |
-0.61% |
+18.84% |
| Broker/Dealer |
$XBD |
663.97 |
-2.72 |
-0.41% |
+19.14% |
| Retail |
$RLX |
4,369.67 |
-44.74 |
-1.01% |
+12.37% |
| Gold & Silver |
$XAU |
146.57 |
-0.90 |
-0.61% |
+16.61% |
| Bank |
$BKX |
113.42 |
-0.69 |
-0.61% |
+18.12% |
| Biotech |
$BTK |
5,747.05 |
-15.50 |
-0.27% |
+6.06% |
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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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$76.25
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+0.10
0.13% |
$76.61
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101,220
128.13% of 50 DAV
50 DAV is 79,000
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$87.13
-12.49%
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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 - 9/3/2024 3:28:29 PM
G - Pulling back today for a big loss testing its 50 DMA line ($76.86). More damaging losses would raise serious concerns. 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
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NYSE
Granite Construction
Bldg-Heavy Construction
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$72.35
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-0.35
-0.48% |
$72.70
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241,932
34.71% of 50 DAV
50 DAV is 697,000
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$75.36
-3.99%
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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 - 9/3/2024 3:32:39 PM
G - Volume is light behind today's loss, slumping from its all-time high. Its 50 DMA line ($67.11) defines inital support to watch on pullbacks above prior highs in the $64 area.
>>> FEATURED STOCK ARTICLE : Granite Contruction Closes at All-Time High - 8/30/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
MMYT
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$94.58
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+5.96
6.73% |
$95.32
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1,294,514
193.50% of 50 DAV
50 DAV is 669,000
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$101.50
-6.82%
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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 - 9/4/2024 1:22:34 PM
Y - Today's volume-driven gain has it rebounding above its 50 DMA line ($91.03) helping its outlook improve and its color code is changed to yellow. Faces near-term resistance up to the $100 level.
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
TXRH
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NASDAQ
Texas Roadhouse
Retail-Restaurants
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$167.76
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+1.68
1.01% |
$168.21
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527,163
68.73% of 50 DAV
50 DAV is 767,000
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$177.72
-5.60%
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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 - 9/3/2024 3:35:48 PM
G - Pulling back today with below-average volume, sputtering below its 50 DMA line ($169.23) which is now downward sloping and has acted as resistance.
>>> FEATURED STOCK ARTICLE : Meeting Stubborn Resistance at 50-Day Moving Average - 8/27/2024 |
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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$94.35
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+1.33
1.43% |
$94.71
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2,147,680
72.93% of 50 DAV
50 DAV is 2,945,000
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$98.15
-3.87%
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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 - 9/3/2024 3:31:27 PM
G - Pulling back for a big loss today with below-average volume. Its 50 DMA ($86.90) and prior highs in the $85 area define important near-term support.
>>> FEATURED STOCK ARTICLE : Holding Ground Near All-Time High After Pullback Testing Support - 8/29/2024 |
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
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NASDAQ
MercadoLibre
Retail-Internet
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$1,991.59
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+1.42
0.07% |
$2,006.01
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167,829
52.78% of 50 DAV
50 DAV is 318,000
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$2,064.76
-3.54%
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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 - 9/3/2024 3:34:11 PM
G - Pulling back today with lighter volume after hitting a new all-time high on the prior session. Prior highs define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Pulled Back From New All-Time High - 9/3/2024 |
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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