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AFTER MARKET UPDATE - WEDNESDAY, JUNE 22ND, 2022
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Indices NYSE Nasdaq
DOW  -47.12 30,483.13 -0.15% Volume 1,216,820,296 -4% Volume 5,169,237,700 -1%
NASDAQ -16.22 11,053.08 -0.15% Advancers 1,451 47% Advancers 2,030 47%
S&P 500 -4.95 3,759.84 -0.13% Decliners 1,644 53% Decliners 2,329 53%
Russell 2000 -3.75 1,690.28 -0.22% 52 Wk Highs 5   52 Wk Highs 10  
S&P 600 -2.93 1,108.31 -0.26% 52 Wk Lows 270   52 Wk Lows 304  

TODAY'S SPECIAL NOTICE

The market remains in a correction (M criteria). Discipline and patience remain paramount until a new rally with confirmation marked by a solid follow-through day.


Major Indices Ended Lower While Leadership Remains Thin

The Dow shed 47 points, while the S&P 500 dipped 0.1%. The Nasdaq Composite declined 0.2%. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange. Decliners narrowly led advancers on the NYSE and the Nasdaq exchange. Leadership remained very thin as there were 3 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 3 on the prior session. New 52-week lows totals expanded from Tuesday's totals and still solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices have been in a noted market correction (M criteria).

Chart courtesy of www.stockcharts.com


PICTURED: The Dow Jones Industrial Average is sputtering near its 2022 low.

U.S. stocks ended lower on Wednesday despite comments from Federal Reserve (Fed) Chair Jerome Powell that were deemed less hawkish than feared. During his first day of congressional testimony, Powell reiterated the central bank’s priority of taming inflation and acknowledged the risk of a recession as engineering a soft landing was proving to be “significantly more challenging.” The Fed chief added that officials would continue to make decisions on a meeting-by-meeting basis, given a rapidly evolving economic backdrop. 

Seven of 11 S&P 500 sectors closed in negative territory with Energy shares losing the most amid the drop in oil prices. Bucking the downtrend was the bond proxy Real Estate group, along with the more traditionally defensive Health Care and Utilities sectors. Risk sentiment remained fragile amid increasing recessionary calls around Wall Street as the Fed implements aggressive monetary policy tightening. Treasuries strengthened amid the still cautious tone, with the yield on the 10-year note sliding 15 basis points (0.15%) to 3.15%.

Meanwhile, oil prices retreated on the expectation that an economic slowdown could ultimately weigh on demand. West Texas Intermediate crude dropped 3.8% to $105.34/barrel, positioned for its first monthly decline since November (-8.1% month-to-date). The broader commodity complex also sold off, with copper slipping 2.5%. On the data front, today’s lone economic release revealed mortgage applications climbed 4.2% in the latest week, supported in part by solid demand for the adjustable-rate structure.

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.


Commodity-Linked Groups Led Decliners

The Broker/Dealer Index ($XBD -0.46%) and Bank Index ($BKX -0.34%) both edged lower while the Retail Index ($RLX +0.12%) finished with a small gain. The Oil Services Index ($OSX -5.22%) and Integrated Oil Index ($XOI -4.45%) both were standout decliners while the Gold & Silver Index ($XAU -2.10%) also slumped. The Biotech Index ($BTK +1.46%) posted a gain but the Semiconductor Index ($SOX -1.12%) and Networking Index ($NWX -0.87%) both ended with losses.  
Chart courtesy of www.stockcharts.com

PICTURED: The Bank Index ($BKX -0.34%) met resistance near its 50-day moving average (DMA) line and slumped to a new 2022 low.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  65.51 -3.61 -5.22% +24.26%
Integrated Oil $XOI  1,519.57 -70.85 -4.45% +28.97%
Semiconductor $SOX  2,619.71 -29.67 -1.12% -33.61%
Networking $NWX  679.19 -5.99 -0.87% -30.06%
Broker/Dealer $XBD  378.12 -1.75 -0.46% -22.34%
Retail $RLX  2,869.80 +3.40 +0.12% -32.10%
Gold & Silver $XAU  120.28 -2.58 -2.10% -9.19%
Bank $BKX  102.14 -0.34 -0.34% -22.75%
Biotech $BTK  4,461.87 +64.29 +1.46% -19.15%


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 PAG PAG - NYSE
Penske Automotive Grp
Retail/Whlsle-Automobile  
$106.00 +0.75
0.71%

$107.04

356,068
97.55% of 50 DAV
50 DAV is 365,000
$123.60
-14.24%
5/13/2022 $114.88 PP = $114.57
MB = $120.30
Most Recent Note - 6/21/2022 6:23:43 PM
G - There was a "negative reversal" today and it closed near the session low with a loss on above average volume after briefly trading above its 50 DMA line ($108.44). Found support near its 200 DMA line ($103.42) last week. More damaging losses would be a worrisome sign. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Penske Perched at High With No Resistance Remaining - 6/2/2022
 |  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  
$306.69 +9.35
3.14%

$309.65

3,965,466
132.54% of 50 DAV
50 DAV is 2,992,000
$324.08
-5.37%
5/16/2022 $302.46 PP = $314.10
MB = $329.81
Most Recent Note - 6/22/2022 12:46:27 PM
Y - Color code is changed to yellow after rebounding above the 50 DMA line ($297.54) helping its outlook improve. Little resistance remains due to overhead supply. Keep in mind that the fact-based investment system discourages new buying in any stocks until a solid follow-through day confirms a new market uptrend (M criteria).
>>> FEATURED STOCK ARTICLE : Encountering Distributional Pressure After Reaching New Highs - 6/6/2022
 |  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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