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AFTER MARKET UPDATE - WEDNESDAY, MARCH 4TH, 2020
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Indices NYSE Nasdaq
DOW  +1,173.45 27,090.86 +4.53% Volume 1,228,698,060 -26% Volume 3,561,312,800 -17%
NASDAQ +334.00 9,018.09 +3.85% Advancers 2,420 85% Advancers 2,499 78%
S&P 500 +126.74 3,130.11 +4.22% Decliners 417 15% Decliners 720 22%
Russell 2000 +45.09 1,531.17 +3.03% 52 Wk Highs 41   52 Wk Highs 66  
S&P 600 +27.87 916.47 +3.14% 52 Wk Lows 134   52 Wk Lows 128  

TODAY'S SPECIAL NOTICE

During market corrections it is especially important to reduce exposure, preserve your capital, and just be patient. Be safe! Historic studies have shown that the biggest up sessions have occurred during market corrections and bear markets.

Disciplined investors know to wait until a new confirmed rally marked by a solid follow-through day. The bold portion of the daily market commentary will note when that happens. For any clarification or additional help applying the fact-based investment system, we invite members to call, or contact us via the inquiry form.


Volume Lighter and Breadth Positive as Major Indices Rise

The Dow climbed 1,173 points, while the S&P 500 rose 4.2%. The Nasdaq Composite was up 3.9%, moving back into positive territory for the year. Breadth was clearly positive as advancers led decliners by nearly a 6-1 margin on the NYSE and by more than 3-1 on the Nasdaq exchange. The reported volume totals were lighter than the prior session total on the NYSE and higher on the Nasdaq exchange, revealing inadequate buying demand from the institutional crowd, while an increase in volume behind big gains is needed to meet the definition of a proper follow-through day. Leadership improved as there were 15 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus 6 on the prior session. New 52-week lows totals easily outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices' (M criteria) have been in a noted "market correction". Disciplined investors know to watch for a follow-through day of gains on higher volume to confirm a new market uptrend. The Featured Stocks Page provides the most timely analysis on high-ranked leaders.
Charts used courtesy of www.stockcharts.com

PICTURED: The Nasdaq Composite Index found support at its 200-day moving average (DMA) line. The tech-heavy index is -8.3% off its all-time high hit on 2/19/20.

Stocks finished firmly higher on Wednesday.  Investor sentiment was lifted after the Democratic primary results from Super Tuesday showed moderate Joe Biden taking the lead from Bernie Sanders. The news sparked a rally in Health Care shares, with the group surging nearly 6%. UnitedHealth (UNH +10.72%) and Anthem (ANTM +15.62%) each experienced their best session in more than a decade. Meanwhile, Congress negotiated an $8 billion funding deal to help fight the coronavirus.

On the data front, the ISM’s gauge of services activity showed the sector expanded at a faster-than-expected pace in February. Separately, research firm IHS Markit’s reading remained in contractionary territory last month. Another release from the ADP revealed 183,000 private sector jobs were added in February, more than anticipated.

Treasuries declined, with the yield on the 10-year note up three basis points to 1.04%. The benchmark yield hit an all-time low of 0.90% on Tuesday after the Federal Reserve delivered a surprise emergency rate cut. In commodities, WTI crude dipped 0.8% to $46.78/barrel despite increased expectations that OPEC and its allies would enact deeper supply cuts at their upcoming meeting.

In earnings, Campbell Soup (CPB +10.11%) after beating consensus estimates on both the top and bottom line. Hewlett Packard (HPE -2.62%) fell after the company lowered its free cash flow forecast for the year due to supply constraints related to the coronavirus.

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, Tech, and Financial Groups Posted Solid Gains

The Retail Index ($RLX +3.58%) outpaced the Broker/Dealer Index ($XBD +1.30%). The tech sector had a positive bias as the Semiconductor Index ($SOX +4.94%) and Biotech Index ($BTK +4.18%) both outpaced the Networking Index ($NWX +2.88%). Commodity-linked groups were mixed as thOil Services Index ($OSX -1.43%) fell and the Integrated Oil Index ($XOI +1.71%) rose along with the Gold & Silver Index ($XAU +1.19%).

Charts courtesy of www.stockcharts.com
PICTURED: The Bank Index ($BKX +2.33%) has halted its slide after slumping well below its 200-day moving average (DMA) line testing the August 2019 low.

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  50.22 -0.72 -1.41% -35.85%
Integrated Oil $XOI  962.34 +16.18 +1.71% -24.26%
Semiconductor $SOX  1,789.57 +84.31 +4.94% -3.25%
Networking $NWX  505.66 +14.14 +2.88% -13.33%
Broker/Dealer $XBD  270.96 +3.47 +1.30% -6.69%
Retail $RLX  2,490.89 +86.08 +3.58% +1.70%
Gold & Silver $XAU  102.67 +1.20 +1.18% -3.97%
Bank $BKX  93.23 +2.12 +2.33% -17.76%
Biotech $BTK  5,108.65 +205.25 +4.19% +0.81%


Found Support at 50-Day Average During Recent Consolidation

Atlassian Corp (TEAM +$7.75 or +5.32% to $153.47) posted a solid gain today with near average volume, rallying back above the prior pivot point. It showed resilience while recently consolidating above its 50-day moving average (DMA) line ($139.52). Fundamentals remain strong. Bullish action came after it reported earnings +48% on +37% sales revenues for the Dec '19 quarter.

TEAM was highlighted in yellow with pivot point cited based on its 1/13/20 high in the 1/24/20 mid-day report (read here). It gapped up and touched a new all-time high, rising from a cup-with-handle base pattern with a big volume-driven gain triggering a technical buy signal. Volume was +514% above average behind the big gain, action indicative of fresh institutional buying demand.

This Australia - based software developer has shown 9 consecutive quarterly comparisons above the +25% minimum guideline (C criteria). Its annual earnings (A criteria) history has been strong since its $21 IPO on 12/10/15.

TEAM was last shown in the FSU section on 2/12/20 with an annotated graph under the headline, "Atlassian Has Been Hovering Near its All-Time High". The number of top-rated funds owning its shares rose from 266 in Sep '17 to 664 in Dec '19, a reassuring sign concerning the I criteria. It has a Timeliness Rating of A and Sponsorship Rating of A. Its current Up/Down Volume Ratio of 1.8 is an unbiased indication its shares have been under accumulation over the past 50 days.

Charts used 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 FTNT FTNT - NASDAQ
Fortinet Inc
Computer Sftwr-Security  
$107.05 +3.52
3.40%

$107.17

1,490,171
110.30% of 50 DAV
50 DAV is 1,351,000
$121.82
-12.12%
12/9/2019 $103.85 PP = $106.10
MB = $111.41
Most Recent Note - 3/4/2020 5:56:54 PM
G - Posted a solid gain on average volume today. A rebound above the 50 DMA line ($113.69) is needed for its outlook to improve. Reported earnings +29% on +21% sales revenues for the Dec '19 quarter, continuing its strong earnings track record above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Volume Driven Losses Violated 50-Day Moving Average - 2/26/2020
 |  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 LULU LULU - NASDAQ
Lululemon Athletica
MANUFACTURING - Textile Manufacturing  
$231.62 +4.49
1.98%

$232.88

1,723,293
113.37% of 50 DAV
50 DAV is 1,520,000
$266.20
-12.99%
9/6/2019 $201.25 PP = $194.35
MB = $204.07
Most Recent Note - 3/4/2020 6:01:16 PM
G - Found support above its 200 DMA line after an abrupt retreat from its all-time high. Only a prompt rebound above the 50 DMA line ($240) would help its outlook improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Perched at Record High After 4th Consecutive Gain on Light Volume - 2/20/2020
 |  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 SPLK SPLK - NASDAQ
Splunk Inc
Computer Sftwr-Database  
$155.40 +6.90
4.65%

$155.50

3,566,171
225.28% of 50 DAV
50 DAV is 1,583,000
$176.31
-11.86%
11/25/2019 $147.79 PP = $142.16
MB = $149.27
Most Recent Note - 3/4/2020 5:55:28 PM
G - Churned heavy volume today and posted a solid gain. Reported earnings +3% on +27% sales revenues for the Jan '20 quarter, below the +25% minimum guideline (C criteria), raising fundamental concerns. A prompt rebound above the 50 DMA line ($158) would help its outlook improve.
>>> FEATURED STOCK ARTICLE : Perched at Record High After 7th Consecutive Gain - 2/19/2020
 |  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 PAYC PAYC - NYSE
Paycom Software Inc
COMPUTER SOFTWARE and SERVICES - Application Software  
$293.69 +11.39
4.03%

$293.70

568,806
58.28% of 50 DAV
50 DAV is 976,000
$342.00
-14.13%
11/20/2019 $252.97 PP = $259.81
MB = $272.80
Most Recent Note - 3/4/2020 5:58:27 PM
G - Today's gain with light volume helped it rebound near its 50 DMA line ($294.84) which may act as resistance. Additional gains above that important short-term average still are needed to help its outlook improve. Fundamentals remain strong after it reported earnings +41% on +29% for the Dec '19 quarter. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Sputtering Below 50-Day Moving Average - 3/3/2020
 |  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 TEAM TEAM - NASDAQ
Atlassian Corp Plc Cl A
Comp Sftwr-Spec Enterprs  
$153.47 +7.75
5.32%

$154.39

1,751,446
105.96% of 50 DAV
50 DAV is 1,653,000
$156.12
-1.70%
1/24/2020 $144.66 PP = $140.49
MB = $147.51
Most Recent Note - 3/4/2020 5:53:20 PM
G - Posted a solid gain with average volume and its color code is changed to green after rising back above its "max buy" level. Found support above its 50 DMA line ($139.52) amid widespread market weakness (M criteria). Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Found Support at 50-Day Average During Recent Consolidation - 3/4/2020
 |  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 STNE STNE - NASDAQ
Stoneco Ltd Cl A
Finance-CrdtCard/PmtPr  
$44.35 +0.06
0.14%

$44.88

3,990,161
195.40% of 50 DAV
50 DAV is 2,042,000
$46.69
-5.01%
1/22/2020 $43.94 PP = $45.72
MB = $48.01
Most Recent Note - 3/4/2020 11:16:20 AM
Y - Sputtering today after touching a new all-time high on the prior session with a 4th volume-driven gain in the span of 5 sessions. Volume-driven gain helped it promptly rebound above its 50 DMA line ($41.83). Reported earnings +71% on +43% sales revenues for the Dec '19 quarter, continuing its strong earnings track record. The worrisome market correction (M criteria) is cause for concern, even if there are subsequent gains above the pivot point backed by at least +40% above average volume to trigger a technical buy signal.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gain Above 50-Day Moving Average - 3/2/2020
 |  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 DAVA DAVA - NYSE
Endava Plc Cl A Ads
Computer-Tech Services  
$53.04 -0.64
-1.19%

$54.57

235,751
182.75% of 50 DAV
50 DAV is 129,000
$56.76
-6.55%
2/13/2020 $53.71 PP = $49.86
MB = $52.35
Most Recent Note - 3/4/2020 6:00:08 PM
G - Churned above average volume today, still perched only -6.6% off its all-time high. Prior highs in the $49 area define initial support to watch above its 50 DMA line ($48.84).
>>> FEATURED STOCK ARTICLE : Breakout Gain Backed By +462% Above Average Volme - 2/13/2020
 |  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.

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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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