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AFTER MARKET UPDATE - THURSDAY, MARCH 28TH, 2024
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DOW |
+47.29 |
39,807.37 |
+0.12% |
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Volume |
1,186,632,774 |
+24% |
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Volume |
5,189,698,600 |
+8% |
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NASDAQ |
-20.06 |
16,379.46 |
-0.12% |
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Advancers |
1,705 |
62% |
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Advancers |
2,471 |
58% |
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S&P 500 |
+5.85 |
5,254.34 |
+0.11% |
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Decliners |
1,023 |
37% |
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Decliners |
1,820 |
42% |
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Russell 2000 |
+10.20 |
2,124.55 |
+0.48% |
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52 Wk Highs |
360 |
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52 Wk Highs |
270 |
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S&P 600 |
+7.89 |
1,344.66 |
+0.59% |
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52 Wk Lows |
14 |
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52 Wk Lows |
50 |
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Major Indices Finished 1st Quarter Solidly Higher
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
For the first quarter the S&P 500 was up +10.2%, Nasdaq Composite up +9.1%, and Dow Jones Industrial Average up +5.6%. On Thursday the S&P 500 and Dow Jones Industrial Average both rose +0.1% while the Nasdaq Composite ended -0.1% lower. The Russell 2000 continued its recent outperformance, gaining +0.5%. Volume reported was higher that the prior session total on the NYSE and on the Nasdaq exchange. Breadth was positive as advancers led decliners by more than an 8-5 margin on the NYSE and by a 4-3 margin on the Nasdaq exchange. There were 110 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 87 on the prior session. New 52-week highs totals expanded and outnumbered shrinking new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). New buying efforts should be only made in stocks fitting all key criteria of the fact-based investment system.
PICTURED: The Dow Jones Industrial Average is perched near its all-time high.
The S&P 500 energy sector registered a 1.0% gain while the remaining ten sectors moved less than 0.8% in either direction. Estee Lauder (EL +6.28%) was a standout, leading the S&P 500 components after an analyst upgrade. Dow component Home Depot (HD -0.6%) edged lower after announcing an $18.25 billion acquisition of SRS Distribution.
Markets will be closed for Good Friday, which made Thursday the final trading day of the quarter. Meta Platforms (META -1.68%) and Microsoft (MSFT -0.17%) both ended lower, however META was up +37.2% in the first quarter and MSFT is up +11.9%.
The 2-yr note yield settled five basis points higher at 4.62%. The 10-yr note yield rose one basis point to 4.20%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial and Commodity-Linked Groups Led Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +0.72%) and the Bank Index ($BKX +0.89%) posted solid gains while the Retail Index ($RLX +0.14%) inched higher. The tech sector was mixed as the Networking Index ($NWX +0.47%) outpaced the Semiconductor Index ($SOX +0.11%), meanwhile the Biotech Index ($BTK -0.61%) edged lower. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +2.64%) outpaced the Integrated Oil Index ($XOI +1.37%) while the Oil Services Index ($OSX +0.45%) posted a smaller gain.
![]() PICTURED: The Retail Index ($RLX +0.14%) is consolidating well above its 50-day moving average (DMA) line, perched near its 2024 high.
| Oil Services |
$OSX |
91.14 |
+0.40 |
+0.45% |
+8.65% |
| Integrated Oil |
$XOI |
2,149.53 |
+29.07 |
+1.37% |
+15.41% |
| Semiconductor |
$SOX |
4,905.21 |
+5.26 |
+0.11% |
+17.48% |
| Networking |
$NWX |
805.32 |
+3.79 |
+0.47% |
-3.30% |
| Broker/Dealer |
$XBD |
613.39 |
+4.37 |
+0.72% |
+10.07% |
| Retail |
$RLX |
4,510.85 |
+6.14 |
+0.14% |
+16.00% |
| Gold & Silver |
$XAU |
127.00 |
+3.27 |
+2.64% |
+1.04% |
| Bank |
$BKX |
104.85 |
+0.93 |
+0.89% |
+9.20% |
| Biotech |
$BTK |
5,284.38 |
-32.52 |
-0.61% |
-2.48% |
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ELF Consolidating Above 50-Day Moving Average Line
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
e.l.f. Beauty (ELF -$0.22 or -0.11% to $196.03) pulled back today for a 5th consecutive small loss backed by below-average volume. It is consolidating well above its 50-day moving average (DMA) line ($183.67) which defines important near-term support to watch. Fundamentals remain strong.
ELF was last shown in detail in the 3/08/24 report with an annotated graph under the headline, "Encountering Distributional Pressure Near All-Time High". ELF currently has a 98 Earnings Per Share rating. It reported Dec '23 quarterly earnings +54% on +85% sales revenues versus the year-ago period, adding to its streak of very strong quarterly results well above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) history over the past 3 years has been strong, making it a better match with the fact-based investment system's fundamental guidelines.
The number of top-rated funds owning its shares rose from 510 in Mar '23 to 749 in Dec '23, a very reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.7 is an unbiased indication its shares have been under distributional pressure over the past 50 days. Its small supply (S criteria) of only 55.5 million shares outstanding can contribute to greater price volatility in the event of institutional buying or selling.
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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 |
ANET
-
NYSE
Arista Networks
Computer-Networking
|
$289.98
|
+1.57
0.54% |
$292.94
|
1,684,447
62.13% of 50 DAV
50 DAV is 2,711,000
|
$307.74
-5.77%
|
3/18/2024
|
$188.84
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PP = $292.76
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MB = $307.40
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Most Recent Note - 3/27/2024 5:06:34 PM
Y - Pulled back from its all-time high with today's 3rd consecutive loss backed by higher (+19% above average) volume undercutting prior highs in the $292 area. Near-term support to watch is its 50 DMA line ($274.96) and an upward trendline connecting its October-March lows. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating Abover Recent Highs and Above 50-Day Average - 3/26/2024 |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
|
$128.40
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+0.35
0.27% |
$130.16
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3,499,363
64.16% of 50 DAV
50 DAV is 5,454,000
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$138.28
-7.14%
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3/1/2024
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$124.23
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PP = $124.97
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MB = $131.22
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Most Recent Note - 3/28/2024 4:47:51 PM
G - Posted a small gain with light volume today. Volume totals have been cooling while consolidating after rallying from a noted new advanced "3-weeks tight" base with big volume-driven gains. Its 50 DMA line ($121.86) defines near-term support above prior lows in the $118 area.
>>> FEATURED STOCK ARTICLE : Perched at All-Time High After Rallying from Advanced "3-Weeks Tight" - 3/12/2024 |
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News |
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C
A
S
I |
AXON
-
NASDAQ
Axon Enterprise
Security/Sfty
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$312.80
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-2.84
-0.90% |
$316.97
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340,433
69.05% of 50 DAV
50 DAV is 493,000
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$325.63
-3.94%
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11/8/2023
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$220.13
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PP = $223.30
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MB = $234.47
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Most Recent Note - 3/25/2024 9:19:25 AM
G - Posted 6 consecutive small gains hovering near its all-time high. Its 50-day moving average (DMA) line ($279) defines near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High; Spiked Higher Following Earnings - 3/14/2024 |
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C
A
S
I |
TDG
-
NYSE
TransDigm Group
Aerospace/Defense
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$1,231.60
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-2.20
-0.18% |
$1,238.95
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154,802
71.67% of 50 DAV
50 DAV is 216,000
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$1,238.34
-0.54%
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12/12/2023
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$1,000.39
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PP = $1,013.18
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MB = $1,063.84
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Most Recent Note - 3/25/2024 5:36:07 PM
G - Volume totals have been cooling while stubbornly holding its ground after wedging to a new all-time high. Its 50 DMA line ($1,140) defines near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched in Tight Range Encountering Distribtion Near All-Time High - 3/15/2024 |
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C
A
S
I |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
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$320.59
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-1.66
-0.52% |
$327.65
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2,137,162
51.80% of 50 DAV
50 DAV is 4,126,000
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$365.00
-12.17%
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1/2/2024
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$246.42
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PP = $261.91
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MB = $275.01
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Most Recent Note - 3/26/2024 5:36:32 PM
G - Volume totals have been cooling while consolidating above its 50 DMA ($313) which recently acted as support. It has not formed a sound base of sufficient length. Fundamentals remain strong after it reported Jan '24 quarterly earnings +102% on +33% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure After Spiking to New High - 3/11/2024 |
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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 |
ELF
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$196.03
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-0.22
-0.11% |
$200.65
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952,524
61.22% of 50 DAV
50 DAV is 1,556,000
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$221.83
-11.63%
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1/2/2024
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$138.23
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PP = $153.63
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MB = $161.31
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Most Recent Note - 3/28/2024 4:46:43 PM
G - Pulled back today for a 5th consecutive small loss with light volume, consolidating well above its 50 DMA line ($183.67) which defines important near-term support to watch. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : ELF Consolidating Above 50-Day Moving Average Line - 3/28/2024 |
View all notes |
Set NEW NOTE alert |
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SEC
News |
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C
A
S
I |
PCAR
-
NASDAQ
Paccar
Trucks and Parts-Hvy Duty
|
$123.87
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-0.59
-0.47% |
$125.50
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2,191,557
94.26% of 50 DAV
50 DAV is 2,325,000
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$124.89
-0.82%
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1/23/2024
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$100.35
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PP = $98.57
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MB = $103.50
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Most Recent Note - 3/26/2024 5:24:17 PM
G - Pulled back from its all-time high with today's 3rd consecutive loss with below-average volume. Its 50 DMA line ($109) defines near-term support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Hit New High With 5th Consecutive Gain - 3/21/2024 |
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C
A
S
I |
HUBB
-
NYSE
Hubbell
Electrical-Power/Equipmt
|
$415.05
|
+1.19
0.29% |
$417.21
|
281,682
64.31% of 50 DAV
50 DAV is 438,000
|
$419.65
-1.10%
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1/30/2024
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$343.26
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PP = $336.83
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MB = $353.67
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Most Recent Note - 3/26/2024 5:38:18 PM
G - Perched at its all-time high, very extended from the previously noted base. Its 50 DMA line ($366.73) defines important support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hubbell Perched at All-Time High After 5 Weekly Gains - 3/22/2024 |
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C
A
S
I |
MANH
-
NASDAQ
Manhattan Associates
Computer Sftwr-Enterprse
|
$250.26
|
+0.53
0.21% |
$251.49
|
390,441
104.68% of 50 DAV
50 DAV is 373,000
|
$266.94
-6.25%
|
1/31/2024
|
$240.57
|
PP = $230.71
|
|
MB = $242.25
|
Most Recent Note - 3/25/2024 5:20:07 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($242.87) which defines near-term support. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Manhattan Associates Consolidating Above 50-Day Moving Average - 3/25/2024 |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
|
$297.04
|
-0.41
-0.14% |
$300.61
|
17,449
75.87% of 50 DAV
50 DAV is 23,000
|
$307.48
-3.40%
|
2/9/2024
|
$254.68
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PP = $265.09
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MB = $278.34
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Most Recent Note - 3/25/2024 5:36:49 PM
G - Pulled back today from its all-time high with a 2nd consecutive loss on lighter volume. It is extended from the previously noted base. Prior highs in the $265-266 area define initial near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hit New All Time High With Light Volume Behind 5th Straight Gain - 3/13/2024 |
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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 |
NOW
-
NYSE
ServiceNow
Computer Sftwr-Enterprse
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$762.40
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+3.40
0.45% |
$768.76
|
1,032,474
80.16% of 50 DAV
50 DAV is 1,288,000
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$815.32
-6.49%
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2/22/2024
|
$771.75
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PP = $815.32
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MB = $856.09
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Most Recent Note - 3/25/2024 5:33:28 PM
Y - Posted a 6th consecutive small gain with light volume, quietly consolidating and closing above its 50 DMA line ($767). Prior lows in the $730 area define the next important near-term support to watch.
>>> FEATURED STOCK ARTICLE : NOW Quietly Rebounded Above 50-Day Moving Average Line - 3/20/2024 |
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C
A
S
I |
SNPS
-
NASDAQ
Synopsys
Computer Sftwr-Design
|
$571.18
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-2.17
-0.38% |
$577.00
|
855,093
67.54% of 50 DAV
50 DAV is 1,266,000
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$629.38
-9.25%
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2/22/2024
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$600.65
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PP = $582.85
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MB = $611.99
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Most Recent Note - 3/26/2024 5:25:46 PM
Y - Perched within striking distance of its all-time high. Near-term support to watch is its 50 DMA line ($559). Previously noted - " A strong volume-driven gain and close above the pivot point is needed to clinch a proper technical buy signal."
>>> FEATURED STOCK ARTICLE : Rallying From Support at 50-Day Moving Average Line - 3/19/2024 |
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C
A
S
I |
PAY
-
NYSE
Paymentus Holdings
Finance-CrdtCard/PmtPr
|
$22.75
|
+0.27
1.20% |
$22.84
|
185,513
55.05% of 50 DAV
50 DAV is 337,000
|
$25.21
-9.76%
|
3/5/2024
|
$19.97
|
PP = $18.89
|
|
MB = $19.83
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Most Recent Note - 3/27/2024 5:03:25 PM
G - Consolidating near its 52-week high, extended from the previously noted base. Its 50 DMA line ($18.08) coincides with prior highs in the $18 range defining important support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating After Powerful Breakout and Volume-Driven Gains - 3/27/2024 |
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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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