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AFTER MARKET UPDATE - THURSDAY, NOVEMBER 3RD, 2022
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Indices NYSE Nasdaq
DOW  -146.51 32,001.25 -0.46% Volume 954,925,186 -10% Volume 5,041,522,200 -7%
NASDAQ -181.86 10,342.94 -1.73% Advancers 1,229 40% Advancers 1,883 41%
S&P 500 -39.80 3,719.89 -1.06% Decliners 1,833 60% Decliners 2,706 59%
Russell 2000 -9.41 1,779.73 -0.53% 52 Wk Highs 52   52 Wk Highs 73  
S&P 600 -6.43 1,153.58 -0.55% 52 Wk Lows 264   52 Wk Lows 373  

Major Indices Sputter Again With Lighter Volume Totals

The Dow lost 146 points, while the Nasdaq Composite shed 1.7% amid weakness in shares of technology mega-caps. The S&P 500 slid 1.1%, with six sectors finishing in negative territory. The volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, indicative of less distributional pressure. Breadth was negative as decliners led advancers by a 3-2 margin on the NYSE and on the Nasdaq exchange. There were 23 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 36 on the prior session. New 52-week lows totals again expanded and outnumbered shrinking new 52-week highs on the NYSE and on the Nasdaq exchange. The market is in a confirmed uptrend (M criteria) but encountering some new pressureHealthy leadership (new 52-week highs totals) will be essential in the near-term for the rally to be productive. Only stocks meeting all key-criteria of the fact-based investment system should be considered as buy candidates.

Chart courtesy of www.stockcharts.com


PICTURED: The S&P 500 Index pulled back with lighter volume for a 4th consecutive loss, slumping back below its 50-day moving average (DMA) line. Strength to get and stay back above the 50 DMA line would be a reassuring sign of a healthier market, while more deterioration could be a worrisome sign.

U.S. equities finished lower Thursday ahead of tomorrow’s jobs data as investors continued to digest the Federal Reserve’s (Fed) decision to raise rates by 75 basis points (0.75%). In his press conference following the announcement, Fed Chairman Jerome Powell reaffirmed the central bank’s commitment to continue hiking rates until they see clear evidence of cooling inflation. He also noted the terminal rate will likely be higher than originally forecasted, and the probability of a “soft landing” has narrowed.

On the data front, third-quarter nonfarm productivity grew less than expected, while unit labor costs climbed 3.5%, decelerating from the prior quarter’s 8.9% print. The Institute of Supply Management’s (ISM) Services Index for October fell to its lowest level since May 2020. Final October readings for the S&P Global U.S. Services Purchasing Managers’ Index (PMI) and Composite PMI were upwardly revised, but remain in contractionary territory.

Treasuries weakened, with the yield on the benchmark 10-year note climbing six basis points (0.06%) to 4.14%, while the 30-year bond yield advanced six basis points (0.06%) to 4.18%. The more Fed-sensitive two-year note yield increased 11 basis points (0.11%) to 4.71%. In commodities, West Texas Intermediate (WTI) crude fell 2.1% to $88.12/barrel amid heightened concerns over the global demand outlook. The U.S. Dollar Index jumped 1.4% against a basket of major currencies as investors flocked to the perceived safe-haven asset.

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.


Retail, Bank, Tech, and Gold & Silver Indexes Fell

The Retail Index ($RLX -1.80%) and Bank Index ($BKX -1.42%) both lost ground and created a drag on the major averages while the Broker/Dealer Index ($XBD +0.32%) eked out a small gain. The tech sector had a negative bias as the Networking Index ($NWX -2.45%) led the way lower as the Semiconductor Index ($SOX -1.53%) and Biotech Index ($BTK -0.71%) each suffered smaller losses. Commodity-linked groups were mixed as the Oil Services Index ($OSX +3.18%) and Integrated Oil Index ($XOI +2.00%) both notched solid gains while the Gold & Silver Index ($XAU -2.28%) lost ground.
Chart courtesy of www.stockcharts.com


PICTURED: The Oil Services Index ($OSX +3.18%) has recently been hovering within striking distance of its June high.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  83.27 +2.57 +3.18% +57.95%
Integrated Oil $XOI  1,864.15 +36.57 +2.00% +58.22%
Semiconductor $SOX  2,292.85 -35.62 -1.53% -41.90%
Networking $NWX  795.70 -19.96 -2.45% -18.06%
Broker/Dealer $XBD  463.02 +1.49 +0.32% -4.90%
Retail $RLX  2,719.75 -49.73 -1.80% -35.65%
Gold & Silver $XAU  96.97 -2.26 -2.28% -26.78%
Bank $BKX  101.32 -1.46 -1.42% -23.37%
Biotech $BTK  4,892.38 -34.84 -0.71% -11.34%


Cigna Reported Earnings Perched at High

Cigna Corp (CI +$3.38 or +1.05% to $324.24) posted a gain today with near average volume, hovering this week at its all-time high. Its prior high ($296.29 on 9/12/22) and 50-day moving average (DMA) line ($293.68) define near-term support to watch on pullbacks. After the close it reported Sep '22 quarterly earnings +5% on +2% sales revenues versus the year ago period. Volume and volatility often increase near earnings news.

CI now has an 89 Earnings Per Share Rating. 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. Annual earnings growth (A criteria) has been strong. The Medical - Managed Care group is currently ranked 15th on the 197 Industry Groups list and has a Group Relative Strength Rating of 92 (A+), a reassuring sign concerning the L criteria.

Cigna has rallied +17.2% since highlighted in yellow with new pivot point based on its 5/31/22 high plus 10 cents in the 7/07/22 mid-day report (read here). It stubbornly held its ground and made steady progress since last shown in this FSU section on 10/04/22 with an annotated graph under the headline, "No Resistance Remains Due to Overhead Supply". 

The number of top-rated funds owning its shares rose from 2,628 in Dec '21 to 2,851 in Sep '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.1 is an unbiased indication its shares have been under accumulation over the past 50 days.

Chart courtesy of www.stockcharts.com

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
StockCharts.com Latest Chart for CI CI - NYSE
Cigna Corp
Medical-Managed Care  
$324.24 +3.38
1.05%

$328.51

2,234,306
114.93% of 50 DAV
50 DAV is 1,944,000
$328.60
-1.33%
7/7/2022 $276.55 PP = $273.68
MB = $287.36
Most Recent Note - 11/3/2022 5:08:22 PM
G - Reported Sep '22 quarterly earnings +5% after the close. Perched at its all-time high. Its 50 DMA line ($292.28) defines near-term support to watch. Volume and volatility often increase near earnings news. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Cigna Reported Earnings Perched at High - 11/3/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for ESQ ESQ - NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans  
$45.75 +0.85
1.89%

$45.98

21,579
79.92% of 50 DAV
50 DAV is 27,000
$46.25
-1.08%
10/18/2022 $40.02 PP = $39.95
MB = $41.95
Most Recent Note - 11/3/2022 5:13:04 PM
G - Hovering near its 52-week high, extended from the previously noted base. Prior highs in the $41 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : New High With 6th Consecutive Volume-Driven Gain - 10/31/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CCRN CCRN - NASDAQ
Cross Country Healthcare
DIVERSIFIED SERVICES - Staffing and Outsourcing Service  
$36.78 +1.71
4.88%

$40.12

1,556,775
179.15% of 50 DAV
50 DAV is 869,000
$38.68
-4.91%
9/9/2022 $27.32 PP = $30.61
MB = $32.14
Most Recent Note - 11/3/2022 12:08:29 PM
G - Hit a new all-time high with today's early volume-driven gain after reporting Sep '22 quarterly earnings +75% on +70% sales revenues versus the year ago period. It is extended from any sound base. Prior highs in the $30.50 area define important near-term support to watch along with its 50 DMA line ($30.69).
>>> FEATURED STOCK ARTICLE : Healthcare Staffing Firm Hovering Near All-Time High - 10/17/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CMC CMC - NYSE
Commercial Metals Co
METALS and MINING - Steel and Iron  
$43.96 +0.63
1.45%

$44.32

731,888
70.78% of 50 DAV
50 DAV is 1,034,000
$46.68
-5.83%
10/14/2022 $41.61 PP = $44.45
MB = $46.67
Most Recent Note - 11/2/2022 6:13:49 PM
Y - Suffered a big loss today with higher (near average) volume and slumped back below the pivot point raising concerns. Reported Aug '22 quarterly earnings +94% on +19% sales revenues versus the year ago period and prior quarterly comparisons were well above the +25% minimum earnings guideline (C criteria) of the fact-based investment system. Annual earnings growth has been strong.
>>> FEATURED STOCK ARTICLE : Little Resistance Remains for Strong Steel/Metal Products Firm - 10/14/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for VRTX VRTX - NASDAQ
Vertex Pharmaceuticals
Medical-Biomed/Biotech  
$311.30 +1.29
0.42%

$313.64

931,543
66.63% of 50 DAV
50 DAV is 1,398,000
$318.38
-2.22%
10/24/2022 $308.47 PP = $306.05
MB = $321.35
Most Recent Note - 11/3/2022 11:31:09 AM
Y - Holding its ground today, it touched a new all-time high on the prior session but ended with a small loss. Its 50 DMA line ($293) defines near-term support . Reported Sep '22 quarterly earnings +14% on +18% sales revenues versus the year ago period, below the +25% minimum earnings guideline raising concerns (C criteria). Annual earnings (A criteria) history has been strong.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gain Triggered Technical Buy Signal - 10/24/2022
 |  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
StockCharts.com Latest Chart for CLFD CLFD - NASDAQ
Clearfield Inc
TELECOMMUNICATIONS - Cables / Satalite Equipment  
$110.69 -5.17
-4.46%

$115.45

221,864
93.61% of 50 DAV
50 DAV is 237,000
$130.01
-14.86%
10/25/2022 $117.96 PP = $130.11
MB = $136.62
Most Recent Note - 11/3/2022 5:09:51 PM
Y - Pulled back today for a 4th consecutive loss with near average volume. New pivot point was cited based on its 8/25/22 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Due to report Sep '22 quarterly results on 11/04/22. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Clearfield Perched -8.6% Off High After Recent Rebound - 10/27/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for GPK GPK - NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers  
$22.41 +0.08
0.36%

$22.76

2,018,144
72.13% of 50 DAV
50 DAV is 2,798,000
$24.07
-6.90%
10/25/2022 $22.75 PP = $24.17
MB = $25.38
Most Recent Note - 11/3/2022 5:13:54 PM
Y - Halted its slide today with a small gain on lighter volume after 5 consecutive losses. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Sep '22 quarterly earnings +79% on +38% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Moving Average Helped Outlook Improve - 10/25/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CBZ CBZ - NYSE
C B I Z Inc
Comml Svcs-Consulting  
$46.77 -0.49
-1.04%

$47.50

237,013
92.22% of 50 DAV
50 DAV is 257,000
$50.57
-7.51%
10/26/2022 $47.83 PP = $48.57
MB = $51.00
Most Recent Note - 11/1/2022 6:11:52 PM
Y - Pulled back today with above average volume for a 2nd session. Prior high in the $48 area defines initial support to watch above its 50 DMA line ($45). Recently reported Sep '22 quarterly earnings +24% on +28% sales revenues versus the year ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Earnings Report Due for Commercial Services and Consulting Firm - 10/26/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for ENPH ENPH - NASDAQ
Enphase Energy Inc
Energy-Solar  
$296.11 +6.61
2.28%

$302.35

2,510,152
64.10% of 50 DAV
50 DAV is 3,916,000
$324.84
-8.84%
10/26/2022 $301.55 PP = $324.94
MB = $341.19
Most Recent Note - 11/2/2022 6:15:36 PM
Y - Consolidating since highlighted in yellow in the 10/26/22 mid-day report with new pivot point cited based on its 9/08/22 high plus 10 cents. Rebound above its 50 DMA line ($282.84) helped its outlook improve. Still faces some resistance due to overhead supply up to the $324 level. Reported Sep '22 quarterly earnings +108% on +81% sales revenues versus the year ago period, continuing its strong earnings history above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Enphase Energy Rebound Above 50-Day Moving Average Helped Outlook - 10/28/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for HRMY HRMY - NASDAQ
Harmony Biosciences Hldg
Medical-Biomed/Biotech  
$59.94 +1.45
2.48%

$60.62

875,826
185.95% of 50 DAV
50 DAV is 471,000
$59.84
0.18%
11/1/2022 $55.31 PP = $57.23
MB = $60.09
Most Recent Note - 11/3/2022 5:12:18 PM
Y - Posted a gain today with +81% above average volume for another new high while challenging its "max buy" level. Prior highs in the $57 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Volume Heavy Behind Technical Breakout After Earnings - 11/1/2022
 |  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
StockCharts.com Latest Chart for CLH CLH - NYSE
Clean Harbors Inc
Pollution Control  
$111.73 -7.49
-6.28%

$117.49

882,548
212.15% of 50 DAV
50 DAV is 416,000
$124.49
-10.25%
11/2/2022 $121.59 PP = $124.59
MB = $130.82
Most Recent Note - 11/3/2022 11:24:32 AM
G - Violated its 50 DMA line ($116.93) with today's 4th consecutive loss raising concerns and its color code is changed to green. A rebound above the 50 DMA line is needed for its outlook to improve. Showed resilience since dropped from the Featured Stocks list on 9/26/22. Fundamentals remain strong after reporting Sep '22 quarterly earnings +113% on +43% sales revenues versus the year ago period. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Testing 50 Day Moving Average Line After Forming New Base - 11/2/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 

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. You may opt-out of receiving report notifications at any time.  Questions or comments may be submitted by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307 or 954-785-1121.

Kenneth J. Gruneisen founded Gruneisen Growth Corp. (2003), which prior to May 11, 2015, operated CANSLIM.net and CANSLIM.com both under license from Data Analysis Inc. / Investor's Business Daily. Kenneth has passed the CAN SLIM® Master's Exam. Gruneisen Growth Corp. now continues over two decades of fact based market analysis via FactBasedInvesting.com.

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