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AFTER MARKET UPDATE - MONDAY, JULY 8TH, 2024
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DOW |
-31.08 |
39,344.79 |
-0.08% |
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Volume |
848,527,402 |
-7% |
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Volume |
5,345,141,600 |
+7% |
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NASDAQ |
+50.98 |
18,403.74 |
+0.28% |
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Advancers |
1,467 |
53% |
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Advancers |
2,368 |
56% |
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S&P 500 |
+5.66 |
5,572.85 |
+0.10% |
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Decliners |
1,301 |
47% |
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Decliners |
1,877 |
44% |
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Russell 2000 |
+11.94 |
2,038.67 |
+0.59% |
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52 Wk Highs |
101 |
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52 Wk Highs |
183 |
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S&P 600 |
+7.06 |
1,289.85 |
+0.55% |
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52 Wk Lows |
38 |
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52 Wk Lows |
133 |
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Fresh Highs Again for S&P 500 and Nasdaq Composite Indexes
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 (+0.1%) and Nasdaq Composite (+0.3%) closed at fresh record highs. The Russell 2000 (+0.6%) also closed with a gain while the Dow Jones Industrial Average declined -0.1%. Volume was mixed, lighter than the prior session total on the NYSE and higher on the Nasdaq exchange. Breadth was slightly positive as advancers led decliners by a narrow margin on the NYSE and by almost a 4-3 margin on the Nasdaq exchange. There were 44 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 32 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria) that recently endured some pressure. Remember that any uptrend requires healthy leadership.
PICTURED: The Nasdaq Composite Index is perched at a new all-time high after 5 consecutive gains.
Meta Platforms (META -2.0%) declined, weighing on the communication services sector (-1.0%). Alphabet (GOOG -0.8%), Microsoft (MSFT -0.3%), and Amazon.com (AMZN -0.4%) also finished with losses. NVIDIA (NVDA +1.9%) and Broadcom (AVGO +2.5%) were winning standouts which contributed to the gain in the information technology sector (+0.7%).
The 10-yr note yield settled unchanged at 4.27% and the 2-yr note yield rose two basis points to 4.62%. |
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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Bank Index and Tech Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +0.32%) edged higher and the Broker/Dealer Index ($XBD -0.72%) lost ground while the Retail Index ($RLX +0.09%) finished flat on Monday. The Semiconductor Index ($SOX +1.93%) and the Networking Index ($NWX +2.00%) both posted solid gains while the Biotech Index ($BTK +0.56%) also edged higher. The Integrated Oil Index ($XOI -0.80%) fell and the Oil Services Index ($OSX +0.35%) edged higher while the Gold & Silver Index ($XAU -0.08%) was little changed.
PICTURED: The Networking Index ($NWX +2.00%) posted a solid gain rebounding toward its 2024 high.
| Oil Services |
$OSX |
84.37 |
+0.30 |
+0.35% |
+0.59% |
| Integrated Oil |
$XOI |
2,017.69 |
-16.36 |
-0.80% |
+8.33% |
| Semiconductor |
$SOX |
5,765.21 |
+108.90 |
+1.93% |
+38.07% |
| Networking |
$NWX |
843.29 |
+16.53 |
+2.00% |
+1.26% |
| Broker/Dealer |
$XBD |
631.55 |
-4.61 |
-0.72% |
+13.32% |
| Retail |
$RLX |
4,657.67 |
+4.17 |
+0.09% |
+19.77% |
| Gold & Silver |
$XAU |
145.59 |
-0.12 |
-0.08% |
+15.83% |
| Bank |
$BKX |
104.63 |
+0.33 |
+0.32% |
+8.97% |
| Biotech |
$BTK |
5,283.96 |
+29.23 |
+0.56% |
-2.49% |
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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
-
NYSE
TransDigm Group
Aerospace/Defense
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$1,272.18
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-2.37
-0.19% |
$1,281.34
|
191,874
78.96% of 50 DAV
50 DAV is 243,000
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$1,369.58
-7.11%
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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 - 7/8/2024 5:36:46 PM
G - Still lingering below its 50 DMA line ($1,303.65). 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 |
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News |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$356.83
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+3.56
1.01% |
$361.50
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12,766
55.50% of 50 DAV
50 DAV is 23,000
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$378.78
-5.79%
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6/18/2024
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$356.30
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PP = $378.88
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MB = $397.82
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Most Recent Note - 7/8/2024 5:37:51 PM
Y - Still perched within close striking distance of all-time high. 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 ($348) in recent weeks. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : in Striking Distance of All-Time High After Volume-Driven Gains - 6/28/2024 |
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News |
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C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$59.17
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+1.55
2.69% |
$60.55
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1,324,367
58.68% of 50 DAV
50 DAV is 2,257,000
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$61.06
-3.10%
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7/6/2024
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$57.62
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PP = $61.16
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MB = $64.22
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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 |
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C
A
S
I |
DECK
-
NYSE
Deckers Outdoor
Apparel-Shoes and Rel Mfg
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$952.70
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+13.38
1.42% |
$954.05
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302,641
89.01% of 50 DAV
50 DAV is 340,000
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$1,106.89
-13.93%
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5/24/2024
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$1,010.60
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PP = $956.27
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MB = $1,004.08
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Most Recent Note - 7/8/2024 5:34:12 PM
G - Posted a gain today with near average volume, finding support near prior highs in the $956 and its 50 DMA line ($952.48).
>>> FEATURED STOCK ARTICLE : Deckers Consolidating Near High - 6/13/2024 |
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C
A
S
I |
ELF
-
NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$203.08
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+2.84
1.42% |
$206.38
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868,568
54.22% of 50 DAV
50 DAV is 1,602,000
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$221.83
-8.45%
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6/18/2024
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$212.40
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PP = $221.93
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MB = $233.03
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Most Recent Note - 7/8/2024 5:35:32 PM
Y - Posted a small gain today with light volume. 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 ($183.50) defines important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched Within Striking Distance of All-Time High - 6/20/2024 |
View all notes |
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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
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$134.68
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-1.51
-1.11% |
$135.61
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3,833,101
40.83% of 50 DAV
50 DAV is 9,389,000
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$164.69
-18.22%
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5/24/2024
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$161.85
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PP = $153.09
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MB = $160.74
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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 |
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C
A
S
I |
CRWD
-
NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
|
$390.71
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+1.03
0.26% |
$397.12
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2,847,359
57.10% of 50 DAV
50 DAV is 4,987,000
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$394.64
-1.00%
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5/28/2024
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$351.47
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PP = $365.10
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MB = $383.36
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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 |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$143.07
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+0.70
0.49% |
$143.69
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2,767,820
71.35% of 50 DAV
50 DAV is 3,879,000
|
$148.15
-3.43%
|
6/7/2024
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$143.06
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PP = $138.38
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MB = $145.30
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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 |
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News |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
|
$60.47
|
-1.12
-1.82% |
$62.27
|
1,027,351
207.55% of 50 DAV
50 DAV is 495,000
|
$65.08
-7.08%
|
6/11/2024
|
$59.76
|
PP = $64.33
|
|
MB = $67.55
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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 |
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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,
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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