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AFTER MARKET UPDATE - WEDNESDAY, MAY 22ND, 2024
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DOW |
-201.95 |
39,671.04 |
-0.51% |
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Volume |
873,888,446 |
+5% |
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Volume |
7,720,662,900 |
+21% |
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NASDAQ |
-31.08 |
16,801.54 |
-0.18% |
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Advancers |
781 |
28% |
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Advancers |
1,709 |
40% |
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S&P 500 |
-14.40 |
5,307.01 |
-0.27% |
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Decliners |
1,979 |
72% |
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Decliners |
2,527 |
60% |
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Russell 2000 |
-16.65 |
2,081.71 |
-0.79% |
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52 Wk Highs |
113 |
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52 Wk Highs |
121 |
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S&P 600 |
-9.17 |
1,327.41 |
-0.69% |
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52 Wk Lows |
46 |
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52 Wk Lows |
110 |
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Breadth Negative as Major Indices Ended Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite Index fell -0.2%, the S&P 500 Index logged a -0.3% loss, and the Dow Jones Industrial Average closed -0.5% lower. Volume reported was higher than the prior session totals on the NYSE and on the Nasdaq exchange, indicative of distributional pressure. Breadth was negative as decliners led advancers by about a 5-2 margin on the NYSE and by about a 3-2 margin on the Nasdaq exchange. There were 64 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page matching the total of 64 on the prior session. New 52-week highs totals contracted yet still outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria).
PICTURED: The Nasdaq Composite Index hit a new all-time high but reversed into the red for a loss with higher volume.
Selling picked up after ther release of the April 30-May 1 FOMC meeting minutes. Nothing was surprising and they largely echoed Fed commentary since the meeting, however, some attention was drawn to asset valuations and may have prompted some profit taking activity. A hotter-than-expected April CPI report from the U.K. and a weaker-than-expected Existing Home Sales report for April weighed on sentiment.
A downside move from Target (TGT -8.03%) came after it reported disappointing earnings and a less optimistic outlook. Analog Devices (ADI +10.86%) rose after its earnings report and First Solar (FSLR +18.69%) was another winning standout following a Bloomberg report that China's solar industry body wants an end to the price war. NVIDIA (NVDA -0.46%) was little changed on the session but traded at least +6% higher post-market after reporting earnings.
Only three S&P 500 sectors closed with gains while three sectors declined more than -1.0%. The 10-yr note yield settled two basis points higher at 4.43% and the 2-yr note yield rose five basis points to 4.88%.
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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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Semiconductor and Biotech Indexes Rose; Financial and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX -0.98%) and the Broker/Dealer Index ($XBD -1.78%) both lost ground on Wednesday's session. The Retail Index ($RLX -0.28%) suffered a smaller loss. The tech sector was mixed as Networking Index ($NWX -0.76%) fell, meanwhile the Semiconductor Index ($SOX +1.03%) and the Biotech Index ($BTK +1.03%) both posted gains. Commodity-linked groups had a clearly negative bias as the Gold & Silver Index ($XAU -3.85%), Oil Services ($OSX -3.38%), and the Integrated Oil Index ($XOI -1.51%) each lost ground.
![]() PICTURED: The Semiconductor Index ($SOX +1.03%) finished Wednesday's session higher, approaching its all-time high hit in March.
| Oil Services |
$OSX |
85.33 |
-2.98 |
-3.38% |
+1.73% |
| Integrated Oil |
$XOI |
2,066.39 |
-31.58 |
-1.51% |
+10.95% |
| Semiconductor |
$SOX |
5,126.81 |
+52.42 |
+1.03% |
+22.78% |
| Networking |
$NWX |
800.51 |
-6.10 |
-0.76% |
-3.88% |
| Broker/Dealer |
$XBD |
627.15 |
-11.40 |
-1.78% |
+12.53% |
| Retail |
$RLX |
4,370.47 |
-12.12 |
-0.28% |
+12.39% |
| Gold & Silver |
$XAU |
144.70 |
-5.80 |
-3.85% |
+15.12% |
| Bank |
$BKX |
105.89 |
-1.05 |
-0.98% |
+10.28% |
| Biotech |
$BTK |
5,326.40 |
+54.52 |
+1.03% |
-1.71% |
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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 |
TDG
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NYSE
TransDigm Group
Aerospace/Defense
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$1,326.19
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-10.65
-0.80% |
$1,340.97
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251,323
125.04% of 50 DAV
50 DAV is 201,000
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$1,340.76
-1.09%
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4/12/2024
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$1,224.21
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PP = $1,246.32
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MB = $1,308.64
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Most Recent Note - 5/21/2024 6:10:58 PM
G - Posted a 3rd consecutive gain today with average volume while hitting another new all-time high. It is extended from any sound base and its 50 DMA line ($1,242) defines near-term support to watch on pullbacks. Reported Mar '24 quarterly earnings +34% on +21% sales revenues versus the year-ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Aerospace/Defense Firm Hitting Another All-Time High - 5/21/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$358.60
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-3.39
-0.94% |
$361.73
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12,183
45.12% of 50 DAV
50 DAV is 27,000
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$378.78
-5.33%
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2/9/2024
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$254.68
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PP = $265.09
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MB = $278.34
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Most Recent Note - 5/21/2024 12:24:25 PM
G - Pulling back today for a 5th consecutive small loss without heavy volume. Stubbornly holding its ground following noted volume-driven gains into new all-time high territory. Its 50 DMA line ($316.67) defines important near-term support to watch on pullbacks. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Stubbornly Held Ground and Posted Quiet Gain for Best-Ever Close - 5/14/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$53.88
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+1.24
2.36% |
$54.28
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2,937,794
132.39% of 50 DAV
50 DAV is 2,219,000
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$53.01
1.64%
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5/15/2024
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$51.52
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PP = $51.22
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MB = $53.78
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Most Recent Note - 5/22/2024 7:38:29 PM
G - Posted a small gap up gain today with +32% above-average volume for a new all-time high. Color code is changed to green after rising above its "max buy" level. On pullbacks prior highs in the $51 area define initial support to watch above its 50 DMA line ($46.45).
>>> FEATURED STOCK ARTICLE : Strong Breakout After 6-Week Flat Base - 5/15/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
AROC
-
NYSE
Archrock
OilandGas-Machinery/Equip
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$19.73
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-1.29
-6.14% |
$20.95
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2,866,349
194.86% of 50 DAV
50 DAV is 1,471,000
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$21.61
-8.70%
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5/20/2024
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$21.23
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PP = $21.50
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MB = $22.58
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Most Recent Note - 5/22/2024 12:00:39 PM
Y - Slumping near its 50 DMA line ($19.92) with today's big loss. There was a "negative reversal" and it closed near the session low on the prior session after hitting new multi-year highs. Color code was changed to yellow with pivot point cited based on its 4/04/24 high plus 10 cents in the 5/20/24 mid-day report - "Found support above its 50 DMA line during an orderly 6-week flat base. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Earnings increases have been above the +25% mninimum guideline in quarterly comparisons through Mar '24 versus the year-ago periods. Annual earnings (A criteria) growth has been strong after a loss in FY '20."
>>> FEATURED STOCK ARTICLE : Strong Finish for Archrock After Highlighted in Mid-Day Report - 5/20/2024 |
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,
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are the property of their respective owners, and are
likewise used for identification purposes only.
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