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AFTER MARKET UPDATE - WEDNESDAY, APRIL 6TH, 2022
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Indices NYSE Nasdaq
DOW  -144.67 34,496.51 -0.42% Volume 1,051,755,281 +7% Volume 5,237,139,000 +14%
NASDAQ -315.35 13,888.82 -2.22% Advancers 902 28% Advancers 1,365 31%
S&P 500 -43.97 4,481.15 -0.97% Decliners 2,300 72% Decliners 3,065 69%
Russell 2000 -29.11 2,016.94 -1.42% 52 Wk Highs 71   52 Wk Highs 57  
S&P 600 -15.10 1,281.32 -1.16% 52 Wk Lows 271   52 Wk Lows 308  

Major Indices Fell Amidst Defensive Posturing

The Dow lost 144 points, while the S&P 500 fell 1%. The Nasdaq Composite retreated 2.2%, extending Tuesday’s sell-off in growth-related shares. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange, revealing an increase in institutional selling. Breadth was negative as decliners led advancers by about a 5-2 margin on the NYSE and more than 2-1 on the Nasdaq exchange. There were 34 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 37 on the prior session.  New 52-week lows totals expanded and solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchangeThe recently noted follow-through day confirmed a new uptrend (M criteria). Strict followers of the fact-based investment system only buy stocks fitting all key fundamental and technical investment criteria. 

Chart courtesy of www.stockcharts.com


PICTURED: The Nasdaq Composite Index met resistance near its 200-day moving average (DMA) line and has slumped back to its 50 DMA line. 

U.S. stocks finished lower on Wednesday as investors grappled with a swift back-up in Treasury yields and digested the Federal Reserve’s (Fed) March meeting minutes. The release revealed that officials “generally agreed” to reduce the size of its nearly $9 trillion balance sheet by $95 billion per month, beginning as soon as their May 4 meeting. The minutes also set the expectation that some of the upcoming interest rate hikes could come in larger 0.50% intervals as policymakers remain committed to clamping down on persistent inflation.

Six of 11 S&P 500 sectors closed in negative territory, with Consumer Discretionary and Technology stocks leading the downturn. The more traditionally defensive Utilities and Health Care groups were among the outperformers amid the perceived risk-off tone.

Meanwhile, a rout in longer-dated Treasuries continued as bond markets priced in the most aggressive pace of monetary tightening since 1994. The yield on the 10-year note climbed five basis points (0.05%) to 2.60%, a three-year high, following its biggest single-session increase since March 2020 on Tuesday (+0.15%). Yesterday, Fed Governor Lael Brainard struck a hawkish tone, stating that easing inflation was “of paramount importance” and that the balance sheet run-off would likely occur at a “rapid pace.”

In commodities, West Texas Intermediate crude dropped 4.7% to $97.22/barrel following reports the International Energy Agency would release 60 million barrels of crude, adding to the massive stockpile release announced by the U.S. last week. Separately, data showed an unexpected weekly buildup in domestic crude inventories.

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, Financial, and Tech Indexes Lost Ground

The Retail Index ($RLX -2.26%), Broker/Dealer Index ($XBD -3.14%), and Bank Index ($BKX -1.36%) suffered unanimous losses that waighed on the major averages. The Semiconductor Index ($SOX -2.32%) and Networking Index ($NWX -2.65%) both suffered large losses while the Biotech Index ($BTK +0.25%) eked out a small gain. The Oil Services Index ($OSX -0.63%) edged lower and the Integrated Oil Index ($XOI +0.26%) eked out a small gain while the Gold & Silver Index ($XAU -0.06%) finished flat. 
Chart courtesy of www.stockcharts.com


PICTURED: The Oil Services Index ($OSX -0.63%) is consolidating above its 50-day moving average (DMA) line since peaking in early March. 
 

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  79.00 -0.50 -0.63% +49.84%
Integrated Oil $XOI  1,574.32 +4.06 +0.26% +33.62%
Semiconductor $SOX  3,193.96 -75.86 -2.32% -19.06%
Networking $NWX  859.61 -23.43 -2.65% -11.48%
Broker/Dealer $XBD  448.18 -14.51 -3.14% -7.94%
Retail $RLX  3,748.59 -86.85 -2.26% -11.31%
Gold & Silver $XAU  157.99 -0.09 -0.06% +19.29%
Bank $BKX  119.67 -1.65 -1.36% -9.49%
Biotech $BTK  5,243.23 +13.24 +0.25% -4.99%


Featured Stocks

 

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 REGN REGN - NASDAQ
Regeneron Pharmaceutical
DRUGS - Biotechnology  
$708.36 +16.89
2.44%

$710.30

680,305
93.71% of 50 DAV
50 DAV is 726,000
$710.21
-0.26%
3/14/2022 $647.95 PP = $673.96
MB = $707.66
Most Recent Note - 4/6/2022 4:56:16 PM
G - Color code is changed to green after today's gain and close above the "max buy" level with near average volume. Prior highs ($686 and $673) define initial support to watch above its 50 DMA line ($643.53).
>>> FEATURED STOCK ARTICLE : Volume Totals Have Been Light While Hovering at All-Time High - 4/4/2022
 |  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 TGH TGH - NYSE
Textainer Group Holdings
TRANSPORTATION - Logistics  
$35.26 -0.78
-2.16%

$35.84

726,273
154.20% of 50 DAV
50 DAV is 471,000
$41.89
-15.83%
1/31/2022 $36.68 PP = $41.34
MB = $43.41
Most Recent Note - 4/6/2022 4:58:26 PM
G - Slumped further below its 50 DMA line ($37.74) with above average volume behind today's 3rd consecutive loss, raising greater concerns while undercutting its 200 DMA line ($35.54) and testing prior lows in the $34 area noted as important support to watch. Only a prompt rebound above the 50 DMA line would help its outlook improve.
>>> FEATURED STOCK ARTICLE : Recently Perched Within Striking Distance of Prior Highs - 3/30/2022
 |  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 HWKN HWKN - NASDAQ
Hawkins Inc
CHEMICALS - Basic Chemicals  
$42.57 -0.31
-0.72%

$43.38

73,103
92.54% of 50 DAV
50 DAV is 79,000
$48.12
-11.53%
2/3/2022 $39.81 PP = $41.07
MB = $43.12
Most Recent Note - 4/5/2022 5:00:43 PM
G - Violated its 50 DMA line triggering a technical sell signal with today's 4th consecutive loss after a noted "negative reversal" at its all-time high. Only a prompt rebound above the 50 DMA line would help its outlook improve. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : 50-Day Moving Average Violation Triggered Technical Sell Signal - 4/5/2022
 |  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 IMXI IMXI - NASDAQ
International Money Exp
Financial Svcs-Specialty  
$21.40 +0.19
0.90%

$21.60

367,273
107.70% of 50 DAV
50 DAV is 341,000
$21.98
-2.64%
3/8/2022 $18.64 PP = $19.06
MB = $20.01
Most Recent Note - 4/5/2022 12:29:00 PM
G - Hovering in a very tight range for nearly 3 weeks with volume totals cooling while stubbornly holding its ground. Prior highs in the high $18 area define initial support to watch.
>>> FEATURED STOCK ARTICLE : Holding Ground After Rallying From Prior Base - 3/24/2022
 |  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.

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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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