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AFTER MARKET UPDATE - FRIDAY, MAY 27TH, 2022
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Indices NYSE Nasdaq
DOW  +575.77 33,212.96 +1.76% Volume 923,267,829 -9% Volume 4,752,217,900 +2%
NASDAQ +390.48 12,131.13 +3.33% Advancers 2,719 86% Advancers 3,484 79%
S&P 500 +100.40 4,158.24 +2.47% Decliners 454 14% Decliners 902 21%
Russell 2000 +49.66 1,887.90 +2.70% 52 Wk Highs 88   52 Wk Highs 50  
S&P 600 +28.24 1,248.94 +2.31% 52 Wk Lows 36   52 Wk Lows 113  

TODAY'S SPECIAL NOTICE

The recent gains may seem encouraging, however, the market remains in a correction (M criteria). New buying efforts should be avoided until a solid follow-through day shows more decisive strength returning. Lower volume on the NYSE than on prior sessions suggested that both Thursday and Friday's solid gains for the Dow Jones Industrial Average and the S&P 500 Index were not the result of increasing institutional buying demand. Meanwhile, the Nasdaq Composite's big gains with higher volume marked only Day 3 for the new rally attempt since its low close that occurred on 5/22/22. Arguably, the rally still needs confirmation, and an opportunity for a valid follow-through day remains open unless the recent lows or May 20th lows are violated. 


Major Averages Hammered Out Solid Weekly Gains

The Dow added 575 points, bringing its five-session advance to 6.2%, while the S&P 500 climbed 2.5%, capping a weekly gain of 6.6%. Their best weekly performance since November 2020 lifted the two benchmarks into positive month-to-date territory. The Dow finally snapped an eight-week losing streak, its worst run since 1923, while the S&P 500 ended a seven-week downturn that had been its longest declining stretch since 2001. The Nasdaq Composite’s 3.3% rally lifted the tech-heavy index 6.8% higher on the week. Volume totals reported were mixed, again lighter than the prior session on the NYSE and higher on the Nasdaq exchange. Breadth was clearly positive as advancers led decliners by almost a 6-1 margin on the NYSE and almost a 4-1 margin on the Nasdaq exchange. There were 46 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, matching the total on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE while new lows still outnumbered new 52-week highs on the Nasdaq exchangeThe major indices have been in a noted market correction (M criteria). Sources at the newspaper, following Thursday's session, are relabelling it a "confirmed uptrend" despite flaws noted in our further market commentary. Followers of the fact-based investment system know to watch for a follow-through day backed by higher volume on Day 4-7 of a new rally attempt which could signal a new confirmed uptrend. 

Chart courtesy of www.stockcharts.com


PICTURED: The Dow Jones Industrial Average has seen volume totals cooling during a streak of 6 consecutive gains after a "positive reversal" at its 2022 low.

Lower volume on the NYSE than on prior sessions suggested that both Thursday and Friday's solid gains for the Dow Jones Industrial Average and the S&P 500 Index were not the result of increasing institutional buying demand. Meanwhile, the Nasdaq Composite's big gains with higher volume marked only Day 3 for the new rally attempt since its low close that occurred on 5/22/22. Arguably, the rally still needs confirmation, and an opportunity for a valid follow-through day remains open unless the recent lows or May 20th lows are violated. 

U.S. stocks finished broadly higher on Friday as a relief rally continued. Recent strength in Treasuries persisted, with the yield on the 10-year note down one basis point (0.01%) to 2.74%, positioned for a monthly drop of 18 basis points (0.18%). In FOREX trading, a gauge of the U.S. dollar extended recent weakness, suffering its sharpest weekly decline in nearly four months (-1.2%).

On the data front, the core PCE deflator (the Federal Reserve’s preferred proxy for inflation) rose 4.9% year-over-year in April, easing from the previous month’s 5.2% annual gain. Separately, personal spending climbed 0.9% in April, while real personal spending (adjusted for price changes) increased 0.7%, the strongest print in three months. Rounding out the docket, a final May reading from the University of Michigan indicated consumer sentiment fell to a fresh decade-low.

All 11 S&P 500 sectors closed in positive territory, with Consumer Discretionary and Technology shares pacing gains. Ulta Beauty Inc. (ULTA +11.6%) rose following upbeat results that included a boost to its full-year guidance, while Dell Technologies Inc. (DELL +12.9%) rose after topping consensus profit and revenue estimates.

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.


Tech, Retail, Financial, and Energy-Linked Groups Led Gainers

The tech sector had a positive bias as the Semiconductor Index ($SOX +4.03%), Biotech Index ($BTK +3.66%), and Networking Index ($NWX +3.53%) each posted a gain of greater than +3%. The Retail Index ($RLX +2.90%) also had a positive influence on the major averages along with the Broker/Dealer Index ($XBD +2.54%) and Bank Index ($BKX +1.27%). The Oil Services Index ($OSX +2.03%) and Integrated Oil Index ($XOI +1.95%) posted solid gains while the Gold & Silver Index ($XAU +0.62%) also edged higher.
Chart courtesy of www.stockcharts.com

PICTURED: The Broker/Dealer Index ($XBD +2.54%) is still well below its 50-day and 200-day moving average lines, rebounding from the recent low.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  83.18 +1.65 +2.03% +57.77%
Integrated Oil $XOI  1,805.93 +34.61 +1.95% +53.28%
Semiconductor $SOX  3,115.35 +120.74 +4.03% -21.05%
Networking $NWX  761.07 +25.94 +3.53% -21.63%
Broker/Dealer $XBD  423.28 +10.48 +2.54% -13.06%
Retail $RLX  3,119.07 +87.78 +2.90% -26.20%
Gold & Silver $XAU  132.09 +0.81 +0.62% -0.27%
Bank $BKX  116.28 +1.46 +1.27% -12.06%
Biotech $BTK  4,730.96 +166.83 +3.66% -14.27%


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 CI CI - NYSE
Cigna Corp
Medical-Managed Care  
$272.40 +3.52
1.31%

$272.97

1,199,381
80.66% of 50 DAV
50 DAV is 1,487,000
$271.71
0.25%
5/6/2022 $263.52 PP = $269.97
MB = $283.47
Most Recent Note - 5/27/2022 5:59:13 PM
Y - Posted a 6th consecutive small gain today with lighter and below average volume, consolidating above its 50 DMA line ($254.64) and challenging its all-time high. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Moving Average Near All-Time High - 5/25/2022
 |  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 PAG PAG - NYSE
Penske Automotive Grp
Retail/Whlsle-Automobile  
$116.60 +1.40
1.22%

$116.80

353,122
103.25% of 50 DAV
50 DAV is 342,000
$119.47
-2.40%
5/13/2022 $114.88 PP = $114.57
MB = $120.30
Most Recent Note - 5/27/2022 6:04:28 PM
Y - Posted a 5th consecutive gain with near average volume, rebounding further above the previously cited pivot point following a recent pullback. Its 50 DMA line ($103.35) defines near term support to watch.
>>> FEATURED STOCK ARTICLE : Breakout With Volume-Driven Gain to New High - 5/13/2022
 |  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 LLY LLY - NYSE
Eli Lilly & Co
Medical-Diversified  
$323.48 +10.02
3.20%

$324.08

3,677,588
124.79% of 50 DAV
50 DAV is 2,947,000
$314.00
3.02%
5/16/2022 $302.46 PP = $314.10
MB = $329.81
Most Recent Note - 5/27/2022 6:02:11 PM
Y - Hit a new 52-week high with today's 6th consecutive gain backed by +25% above average volume. Its 50 DMA line ($294) recently acted as support. Pivot point cited was based on its 4/07/22 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a convincing technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Eli Lilly & Co Challenges All-Time High - 5/16/2022
 |  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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