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AFTER MARKET UPDATE - FRIDAY, JULY 5TH, 2024
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DOW |
+67.87 |
39,375.87 |
+0.17% |
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Volume |
910,291,968 |
+6% |
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Volume |
4,978,203,300 |
+8% |
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NASDAQ |
+164.46 |
18,352.76 |
+0.90% |
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Advancers |
1,225 |
44% |
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Advancers |
2,069 |
49% |
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S&P 500 |
+30.17 |
5,567.19 |
+0.54% |
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Decliners |
1,532 |
56% |
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Decliners |
2,158 |
51% |
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Russell 2000 |
-9.90 |
2,026.73 |
-0.49% |
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52 Wk Highs |
119 |
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52 Wk Highs |
155 |
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S&P 600 |
-9.41 |
1,282.79 |
-0.73% |
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52 Wk Lows |
56 |
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52 Wk Lows |
168 |
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Fresh Highs for S&P 500 and Nasdaq Composite Indexes
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) set fresh all-time highs. Volume was higher that the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was slightly negative as decliners led advancers by a narrow margin on the NYSE and on the Nasdaq exchange. There were 32 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 36 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE. New lows outnumbered new highs on the Nasdaq exchange for a 14th consecutive session. The major indices are in a confirmed uptrend (M criteria) that recently endured some pressure. Remember that any uptrend requires healthy leadership.
PICTURED: The S&P 600 Small Cap Index is consolidating below its 50-day moving average.
The June Employment Situation Report went the market's way in terms of rate cut expectations, but it raised some concerns about lower earnings growth. Private sector payrolls were up just 136,000, average hourly earnings growth decelerated to 3.9% (from 4.1%) on a year-over-year basis, the unemployment rate pushed up to 4.1% from 4.0%, and persons unemployed for 27 weeks or more accounted for 22.2% of the unemployed versus 20.7% in May, suggesting it has gotten harder to find a new job quickly.
Treasury yields turned lower. The 10-yr note yield declined eight basis points to 4.27% and the 2-yr note yield fell 12 basis points to 4.60%.
Homebuilders, entertainment-related names, and cruise line shares are some of the weakest performing stocks in the S&P 500 consumer discretionary sector (+0.5%). |
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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Retail and Gold & Silver Indexes Led Group Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +0.92%) rose while the Bank Index ($BKX -1.40%) and the Broker/Dealer Index ($XBD -0.37%) both lost ground on Friday. The Biotech Index ($BTK +0.45%) edged higher while the Semiconductor Index ($SOX +0.08%) finished flat and the Networking Index ($NWX -0.89%) fell. The Integrated Oil Index ($XOI -1.64%) and the Oil Services Index ($OSX -1.33%) both slumped while the Gold & Silver Index ($XAU +2.53%) posted a solid gain.
PICTURED: The Integrated Oil Index ($XOI -1.64%) met resistance at its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
84.08 |
-1.14 |
-1.33% |
+0.24% |
| Integrated Oil |
$XOI |
2,034.05 |
-34.00 |
-1.64% |
+9.21% |
| Semiconductor |
$SOX |
5,656.31 |
+4.59 |
+0.08% |
+35.47% |
| Networking |
$NWX |
826.76 |
-7.41 |
-0.89% |
-0.73% |
| Broker/Dealer |
$XBD |
636.16 |
-2.38 |
-0.37% |
+14.15% |
| Retail |
$RLX |
4,611.09 |
-45.26 |
-0.97% |
+18.57% |
| Gold & Silver |
$XAU |
145.71 |
+3.59 |
+2.53% |
+15.93% |
| Bank |
$BKX |
104.30 |
-1.48 |
-1.40% |
+8.63% |
| Biotech |
$BTK |
5,254.72 |
+23.42 |
+0.45% |
-3.03% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 - NYSE
TransDigm Group
Aerospace/Defense | $1,274.55 | -8.95
-0.70% | $1,280.57 | 140,336
57.28% of 50 DAV
50 DAV is 245,000 | $1,369.58
-6.94%
| 4/12/2024 | $1,224.21 | PP = $1,246.32 | | MB = $1,308.64 | Most Recent Note - 6/28/2024 6:57:28 PM
G - Slumped further below its 50 DMA line ($1,298) with heavy volume behind today''s 4th consecutive loss raising greater concerns and triggering a technical sell signal. Only a prompt rebound above the 50 DMA line would help its outlook improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Transdigm Consolidating Above 50-Day Moving Average - 6/12/2024 | 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 | $353.27 | -2.82
-0.79% | $356.69 | 9,928
43.17% of 50 DAV
50 DAV is 23,000 | $378.78
-6.73%
| 6/18/2024 | $356.30 | PP = $378.88 | | MB = $397.82 | Most Recent Note - 6/28/2024 6:40:52 PM
Y - Perched within striking distance of all-time high after volume-driven gains. Color code was changed to yellow with new pivot point cited based on its 5/15/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Found prompt support after briefly undercutting its 50 DMA line ($342.57) in recent weeks. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph
>>> FEATURED STOCK ARTICLE : in Striking Distance of All-Time High After Volume-Driven Gains - 6/28/2024 | 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 | $57.62 | -0.91
-1.55% | $59.29 | 1,139,992
49.07% of 50 DAV
50 DAV is 2,323,000 | $61.06
-5.63%
| 7/6/2024 | $57.62 | PP = $61.16 | | MB = $64.22 |  Most Recent Note - 7/5/2024 8:37:36 PM
Y - Consolidating in an orderly fashion near its all-time high and its color code is changed to yellow with new pivot point cited based on its 5/28/24 high plus 10 cents. Important support is at prior highs in the $51 area and its 50 DMA line.
>>> FEATURED STOCK ARTICLE : Consolidating Above Prior Highs in an Orderly Fashion - 6/27/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | DECK - NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg | $939.32 | +3.63
0.39% | $939.99 | 178,924
52.32% of 50 DAV
50 DAV is 342,000 | $1,106.89
-15.14%
| 5/24/2024 | $1,010.60 | PP = $956.27 | | MB = $1,004.08 | Most Recent Note - 6/28/2024 6:45:30 PM
G - Pulled back today for a big loss with higher volume and it recently endured distributional pressure. Prior highs in the $956 area define initial support to watch above its 50 DMA line ($940).
>>> FEATURED STOCK ARTICLE : Deckers Consolidating Near High - 6/13/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | ELF - NYSE
e.l.f. Beauty
Cosmetics/Personal Care | $200.24 | -1.78
-0.88% | $204.07 | 894,286
54.73% of 50 DAV
50 DAV is 1,634,000 | $221.83
-9.73%
| 6/18/2024 | $212.40 | PP = $221.93 | | MB = $233.03 | Most Recent Note - 6/28/2024 6:46:38 PM
Y - Pulled back today with higher volume after wedging to a best-ever close on the prior session. Color code was changed to yellow with new pivot point cited based on its 3/04/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Its 50 DMA line ($180) defines important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched Within Striking Distance of All-Time High - 6/20/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note 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 | PDD - NASDAQ
PDD Holdings ADR
Retail-Internet | $136.19 | -1.15
-0.84% | $136.95 | 5,754,158
60.04% of 50 DAV
50 DAV is 9,584,000 | $164.69
-17.31%
| 5/24/2024 | $161.85 | PP = $153.09 | | MB = $160.74 | Most Recent Note - 7/5/2024 8:39:31 PM
G - Still lingering below its 50 DMA line ($141.27). A rebound above the 50 DMA line is needed for its outlook to improve. Its 200 DMA line ($128) defines important near-term support.
>>> FEATURED STOCK ARTICLE : Still Sputtering Below Pivot Point After Negating Breakout - 6/17/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | CRWD - NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security | $389.68 | +2.50
0.65% | $391.47 | 1,908,993
38.17% of 50 DAV
50 DAV is 5,001,000 | $394.64
-1.26%
| 5/28/2024 | $351.47 | PP = $365.10 | | MB = $383.36 | Most Recent Note - 7/2/2024 1:06:29 PM
Y - Volume totals have been cooling while hovering in a tight range near its all-time high and above its "max buy" level. Prior highs in the $358-365 area define initial support to watch above its 50 DMA line ($342.22).. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure Hovering Near All-Time High - 6/21/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | NVO - NYSE
Novo Nordisk ADR
Medical-Ethical Drugs | $142.37 | +3.50
2.52% | $142.86 | 3,664,490
94.45% of 50 DAV
50 DAV is 3,880,000 | $148.15
-3.90%
| 6/7/2024 | $143.06 | PP = $138.38 | | MB = $145.30 | Most Recent Note - 7/3/2024 12:43:31 PM
Y - Pulling back for a 2nd consecutive volume-driven loss. Color code was changed to yellow while consolidating back below its "max buy" level. Fundamentals remain strong. Prior highs in the $138 area define initial support to watch above its 50 DMA line ($135.47). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High Following Recent Gap Up With Volume - 7/1/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $61.59 | -0.10
-0.16% | $61.80 | 317,170
64.20% of 50 DAV
50 DAV is 494,000 | $65.08
-5.36%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 7/2/2024 5:43:55 PM
Y - Testing support at its 50 DMA line ($60.31). More damaging losses would raise greater concerns and trigger a technical sell signal. Color code was changed to yellow when highlighted on the 6/11/24 mid-day report as it was noted that a valid secondary buy point exists up to +5% above the recent high after finding support at its 10 WMA line following a prior breakout. Reported improved earnings in the Jun, Sep, Dec '23, and Mar '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Granite Testing Support at 50-Day Moving Average - 7/2/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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***
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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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