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AFTER MARKET UPDATE - MONDAY, OCTOBER 2ND, 2023
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DOW |
-74.15 |
33,433.35 |
-0.22% |
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Volume |
989,130,836 |
-9% |
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Volume |
4,607,908,300 |
-12% |
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NASDAQ |
+88.45 |
13,307.77 |
+0.67% |
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Advancers |
544 |
19% |
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Advancers |
1,320 |
30% |
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S&P 500 |
+0.34 |
4,288.39 |
+0.01% |
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Decliners |
2,294 |
81% |
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Decliners |
3,040 |
70% |
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Russell 2000 |
-28.28 |
1,756.82 |
-1.58% |
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52 Wk Highs |
15 |
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52 Wk Highs |
18 |
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S&P 600 |
-15.01 |
1,136.25 |
-1.30% |
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52 Wk Lows |
268 |
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52 Wk Lows |
387 |
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Damaging losses have signaled a more serious market correction (M criteria). During market corrections, disciplined investors know to reduce exposure and raise cash by selling any weakening stocks on a case-by-case basis.
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Nasdaq Composite Index Outpaced Peers on Mega-Cap Strength
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite posted a +0.67% gain while the S&P 500 Index finished flat, meanwhile, the Dow Jones Industrial Average and the Russell 2000 registered losses of -0.2% and -1.6%, respectively. The volume totals were lighter than the prior session on the NYSE and on the Nasdaq exchange. Decliners led advancers by more than a 4-1 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 5 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, matching the total of 5 on the prior session. New 52-week lows totals expanded and solidly outnumbered shrinking new 52-week highs totals on the NYSE and on the Nasdaq exchange. The major indices are in a correction (M criteria). New buying efforts should be avoided until a new rally is confirmed by a solid follow-through day.
PICTURED: The S&P 500 Index has been recently undercutting its August low and its 200-day moving average (DMA) line.
A better-than-expected ISM Manufacturing Index was reported for September. Eight of the 11 S&P 500 sectors saw a decline. The rate-sensitive utilities sector was noticeably weak, plunging -4.7%. The energy sector (-2.1%) was another laggard, sliding with oil prices ($89.71/bbl, -1.10, -1.2%). Following a big move in September, the 10-yr note yield jumped another 11 basis points to 4.68%. The 2-yr note yield settled seven basis points higher at 5.11%.
The communication services (+1.5%), information technology (+1.3%), and consumer discretionary (+0.3%) sectors, were in positive territory at the close. Mega cap stocks seemed to be looked at as a safe-haven NVIDIA (NVDA +2.95%), Apple (AAPL +1.48%), and Microsoft (MSFT +1.92%), were relative strength leaders and standouts.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups and Financials Led Decliners
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX -2.38%) and Broker/Dealer Index ($XBD -1.05%) both slumped on Monday, meanwhile, the Retail Index ($RLX +0.83%) posted a gain. The Semiconductor Index ($SOX +0.42%) edged higher while the Networking Index ($NWX -0.02%) finished flat and the Biotech Index ($BTK -0.83%) ended lower. The Oil Services Index ($OSX -2.62%) and the Integrated Oil Index ($XOI -2.18%) both lost ground while the Gold & Silver Index ($XAU -3.67%) was a standout decliner.
PICTURED: The Semiconductor Index ($SOX +0.42%) edged higher for a 4th consecutive gain, but it recently has been slumping below its 50-day moving average (DMA) line toward its 200 DMA line.
| Oil Services |
$OSX |
92.03 |
-2.48 |
-2.62% |
+9.75% |
| Integrated Oil |
$XOI |
1,891.74 |
-42.07 |
-2.18% |
+5.85% |
| Semiconductor |
$SOX |
3,448.85 |
+14.56 |
+0.42% |
+36.20% |
| Networking |
$NWX |
751.60 |
-0.15 |
-0.02% |
-4.05% |
| Broker/Dealer |
$XBD |
478.78 |
-5.06 |
-1.05% |
+6.60% |
| Retail |
$RLX |
3,390.36 |
+27.97 |
+0.83% |
+23.11% |
| Gold & Silver |
$XAU |
103.53 |
-3.95 |
-3.67% |
-14.34% |
| Bank |
$BKX |
76.42 |
-1.87 |
-2.38% |
-24.22% |
| Biotech |
$BTK |
4,973.32 |
-41.49 |
-0.83% |
-5.83% |
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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 |
STRL
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NASDAQ
Sterling Infrastructure
Bldg-Heavy Construction
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$72.31
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-1.17
-1.59% |
$74.40
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224,631
55.19% of 50 DAV
50 DAV is 407,000
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$84.00
-13.92%
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12/14/2022
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$32.41
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PP = $33.72
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MB = $35.41
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Most Recent Note - 9/27/2023 5:04:08 PM
G - Rebounded above its 50 DMA line ($72.39) with today's gain backed by higher (but still below-average) volume. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Found Support and Rebounded Above 50-Day Moving Average - 9/27/2023 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
FIX
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NYSE
Comfort Systems USA
Bldg-A/C and Heating Prds
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$166.17
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-4.24
-2.49% |
$170.87
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215,315
85.10% of 50 DAV
50 DAV is 253,000
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$192.33
-13.60%
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4/27/2023
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$148.85
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PP = $152.23
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MB = $159.84
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Most Recent Note - 10/2/2023 5:26:29 PM
G - Suffered a 2nd consecutive loss today, slumping after meeeting resistance near its 50 DMA line ($178). A rebound above the 50 DMA line is still needed for its outlook to improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Violated 50-Day Moving Average With a Damaging Gap Down - 9/21/2023 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
ANET
-
NYSE
Arista Networks
Computer-Networking
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$187.81
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+3.88
2.11% |
$189.90
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1,669,669
64.47% of 50 DAV
50 DAV is 2,590,000
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$198.70
-5.48%
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8/1/2023
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$188.84
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PP = $178.46
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MB = $187.38
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Most Recent Note - 10/2/2023 5:27:43 PM
G - Posted a gain today with light volume. Quietly consolidating above its 50 DMA line ($182). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Arista Consolidates Above 50-Day Moving Average Line - 9/29/2023 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
MEDP
-
NASDAQ
Medpace Holdings
Medical-Research Eqp/Svc
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$242.60
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+0.47
0.19% |
$243.59
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202,244
69.74% of 50 DAV
50 DAV is 290,000
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$282.73
-14.19%
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7/25/2023
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$196.32
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PP = $241.57
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MB = $253.65
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Most Recent Note - 9/27/2023 5:06:39 PM
G - Holding its ground for the past week after violating its 50 DMA line ($259.53) with volume-driven losses. A rebound above the 50 DMA line is needed for its outlook to improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Damaging Streak of Losses Violated 50-Day Moving Average Line - 9/22/2023 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
COKE
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NASDAQ
Coca-Cola Consolidated
Beverages-Non-Alcoholic
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$636.40
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+0.08
0.01% |
$643.45
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17,258
44.25% of 50 DAV
50 DAV is 39,000
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$745.53
-14.64%
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8/3/2023
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$718.56
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PP = $694.30
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MB = $729.02
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Most Recent Note - 9/28/2023 5:15:52 PM
G - Posted a gain today with light volume. A rebound above the 50 DMA line ($673) is still needed to help its outlook improve.
>>> FEATURED STOCK ARTICLE : Lingering Below 50 DMA Line and Perched -12.3% Off High - 9/25/2023 |
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 |
PLUS
-
NASDAQ
ePlus
Computer-Tech Services
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$64.64
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+1.12
1.76% |
$65.23
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283,984
262.95% of 50 DAV
50 DAV is 108,000
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$75.90
-14.84%
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8/8/2023
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$67.60
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PP = $62.92
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MB = $66.07
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Most Recent Note - 10/2/2023 5:28:51 PM
Y - Posted a gain today with above-average volume. Recently found support near its 50 DMA line ($63). More damaging losses may trigger a technical sell signal.
>>> FEATURED STOCK ARTICLE : Orderly Consolidation Continues for ePlus - 9/28/2023 |
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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