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AFTER MARKET UPDATE - TUESDAY, JULY 16TH, 2024
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DOW |
+742.76 |
40,954.48 |
+1.85% |
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Volume |
957,773,056 |
+9% |
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Volume |
5,844,382,800 |
+6% |
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NASDAQ |
+36.77 |
18,509.34 |
+0.20% |
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Advancers |
2,209 |
80% |
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Advancers |
3,282 |
78% |
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S&P 500 |
+35.98 |
5,667.20 |
+0.64% |
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Decliners |
536 |
20% |
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Decliners |
946 |
22% |
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Russell 2000 |
+76.65 |
2,263.67 |
+3.50% |
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52 Wk Highs |
402 |
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52 Wk Highs |
491 |
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S&P 600 |
+48.93 |
1,418.30 |
+3.57% |
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52 Wk Lows |
5 |
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52 Wk Lows |
35 |
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Institutional Demand Rises as Major Indices Rally With Higher Volume
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow Jones Industrial Average (+1.9%) surged more than 700 points, moving further into record territory, and the S&P 500 (+0.6%) also had another record high close. The Russell 2000 jumped +3.5%, continuing its recent outperformance. Volume was higher than the prior session totals on the NYSE and on the Nasdaq exchange, revealing an increase in institutional buying demand. Breadth was solidly positive as advancers led decliners by a 4-1 margin on the NYSE and by more than a 3-1 margin on the Nasdaq exchange. Leadership improved as there were 176 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 115 on the prior session. New 52-week highs totals expanded again and solidly outnumbered shrinking new 52-week lows on both the NYSE and Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Remember that any uptrend requires healthy leadership.
 PICTURED: The S&P 500 Index posted a 10th gain in 11 sessions and hit a new record high.
Driven by momentum with a drop in market rates,the 10-yr note yield settled at 4.17%, down six basis points, and the 2-yr note yield settled at 4.44%, down one basis point. The market's upside bias was also supported by positive responses to some earnings news. Dow component UnitedHealth (UNH +6.50%) had a sharp gain after its earnings report. Bank of America (BAC +5.35%) and PNC Financials (PNC +4.71%) were top performers in the S&P 500 financial sector (+1.2%) after good earnings news.
Six other sectors in addition to the financial sector jumped at least 1.0% today. The industrial sector (+2.5%) registered the largest gain by a decent margin followed by materials (+2.0%). The heavily-weighted information technology (-0.4%) and communication services (-0.6%) sectors were alone in negative territory by the close.
Losses in the mega cap space created some drag on the major indices. NVIDIA (NVDA -1.62%), Meta Platforms (META -1.28%), and Microsoft (MSFT -0.98%) were among the influential losers.
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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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Bank, Retail, Tech, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +3.02%) posted an influential gain and the Retail Index ($RLX +0.96%) also rose while the Broker/Dealer Index ($XBD -0.36%) created a drag on the major indices with a modest loss. The tech sector had a positive bias led by the Biotech Index ($BTK +2.25%), the Networking Index ($NWX +0.93%) followed, and the Semiconductor Index ($SOX +0.46%) posted an even smaller gain. The Gold & Silver Index ($XAU +3.20%) outpaced the Oil Services Index ($OSX +1.92%), but the Integrated Oil Index ($XOI -0.18%) edged lower.
PICTURED: The Gold & Silver Index ($XAU +3.20%) is rallying to new multi-year highs.
| Oil Services |
$OSX |
92.31 |
+1.74 |
+1.92% |
+10.04% |
| Integrated Oil |
$XOI |
2,057.58 |
-3.61 |
-0.18% |
+10.48% |
| Semiconductor |
$SOX |
5,804.03 |
+26.32 |
+0.46% |
+39.00% |
| Networking |
$NWX |
892.81 |
+8.20 |
+0.93% |
+7.20% |
| Broker/Dealer |
$XBD |
661.39 |
-2.38 |
-0.36% |
+18.68% |
| Retail |
$RLX |
4,665.39 |
+44.51 |
+0.96% |
+19.97% |
| Gold & Silver |
$XAU |
157.70 |
+4.88 |
+3.20% |
+25.47% |
| Bank |
$BKX |
113.98 |
+3.34 |
+3.02% |
+18.71% |
| Biotech |
$BTK |
5,623.08 |
+123.74 |
+2.25% |
+3.77% |
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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 |
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Max Buy |
TDG
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NYSE
TransDigm Group
Aerospace/Defense
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$1,241.94
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-0.37
-0.03% |
$1,250.03
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371,129
149.05% of 50 DAV
50 DAV is 249,000
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$1,369.58
-9.32%
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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 - 7/12/2024 12:40:59 PM
G - Sputtering today and still lingering below its 50 DMA line ($1,304), however, it remains only -8.9% off its all-time high. A rebound above the 50 DMA line is needed to help its outlook improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Lingering Below 50-Day Moving Average But Only -7% Off High - 7/10/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$81.77
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+2.69
3.41% |
$82.99
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123,714
102.24% of 50 DAV
50 DAV is 121,000
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$81.68
0.11%
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6/18/2024
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$71.26
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PP = $75.77
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MB = $79.56
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Most Recent Note - 7/15/2024 6:05:21 PM
Y - Gapped up today and hit another new all-time high with a 4th consecutive gain. Found support while consolidating above its 50 DMA line ($71). Do not be confused as shares split 5:1 (Featured Price and Pivor Point were adjusted). Color code was changed to yellow with new pivot point cited based on its 5/15/24 high plus 10 cents as it was noted - "Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal."
>>> 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 |
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News |
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C
A
S
I |
CLS
-
NYSE
Celestica
Elec-Contract Mfg
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$61.23
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+1.83
3.08% |
$62.17
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2,030,171
95.00% of 50 DAV
50 DAV is 2,137,000
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$62.09
-1.39%
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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 - 7/15/2024 6:01:20 PM
Y - Hovering near its all-time high. A gain backed by at least +40% above average volume and a close above the new pivot point cited based on its 5/28/24 high plus 10 cents may trigger a proper technical buy signal. Important support is at its 50 DMA line ($54.60).
>>> FEATURED STOCK ARTICLE : Consolidating Above Prior Highs in an Orderly Fashion - 6/27/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
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C
A
S
I |
ELF
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NYSE
e.l.f. Beauty
Cosmetics/Personal Care
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$194.19
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-16.71
-7.92% |
$210.88
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2,032,660
132.25% of 50 DAV
50 DAV is 1,537,000
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$221.83
-12.46%
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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 - 7/15/2024 5:57:39 PM
Y - Suffered a big loss today with +32% above average volume and ended near the session low, encountering distributional pressure after challenging prior resistance in the $220 area. 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 ($186) defines important near-term support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Challenging Prior Resistance Area - 7/12/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
PDD
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NASDAQ
PDD Holdings ADR
Retail-Internet
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$137.99
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-4.43
-3.11% |
$139.43
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8,097,272
88.47% of 50 DAV
50 DAV is 9,153,000
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$164.69
-16.21%
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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 - 7/15/2024 5:59:49 PM
G - With today's loss it pulled back below its 50 DMA line which has acted as resistance. Faces resistance due to overhead supply up to the $164 level. Its 200 DMA line ($129) defines important near-term support.
>>> FEATURED STOCK ARTICLE : Sputtering Below 50-Day Moving Average Line - 7/11/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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 |
CRWD
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NASDAQ
CrowdStrike Holdings
Computer Sftwr-Security
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$377.37
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+6.05
1.63% |
$383.57
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3,505,911
68.12% of 50 DAV
50 DAV is 5,147,000
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$398.33
-5.26%
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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 - 7/15/2024 5:52:23 PM
Y - Consolidating above prior highs in the $358-365 area which define initial support to watch above its 50 DMA line ($355). Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating Near Prior Highs Which Define Support - 7/15/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
NVO
-
NYSE
Novo Nordisk ADR
Medical-Ethical Drugs
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$141.39
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-0.69
-0.49% |
$143.49
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2,306,659
60.27% of 50 DAV
50 DAV is 3,827,000
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$148.15
-4.56%
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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 - 7/15/2024 5:55:51 PM
Y - Pulled back today with below-average volume. Consolidating above prior highs in the $138 area which define initial support to watch above its 50 DMA line ($137.50). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High Following Recent Gap Up With Volume - 7/1/2024 |
View all notes |
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Company Profile |
SEC
News |
Chart |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
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$64.31
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+1.13
1.79% |
$65.14
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520,415
86.02% of 50 DAV
50 DAV is 605,000
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$65.08
-1.18%
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6/11/2024
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$59.76
|
PP = $64.33
|
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MB = $67.55
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Most Recent Note - 7/15/2024 5:55:07 PM
Y - Hit a new all-time high with today's 4th consecutive gain backed by average volume after 3 gains with higher volume. Subsequent gains and a close above the pivot point backed by at least +40% above average volume may clinch a proper technical buy signal.
>>> FEATURED STOCK ARTICLE : Granite Testing Support at 50-Day Moving Average - 7/2/2024 |
View all notes |
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Company Profile |
SEC
News |
Chart |
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C
A
S
I |
DDOG
-
NASDAQ
Datadog Inc
Computer Sftwr-Enterprse
|
$129.42
|
+1.62
1.26% |
$130.60
|
2,276,684
54.16% of 50 DAV
50 DAV is 4,203,800
|
$138.61
-6.63%
|
7/9/2024
|
$126.92
|
PP = $138.71
|
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MB = $145.65
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Most Recent Note - 7/12/2024 6:44:48 PM
Y - Pulled back after highlighted in yellow in the 7/09/24 mid-day report with pivot point cited based on its 2/13/24 high plus 10 cents. Consolidating above its 50 DMA line and perched -7.8% off its 52-week high. Reported Mar '24 quarterly earnings +91% on +27% sales revenues versus the year-ago period its 4th consecutive quarterly comparison well above the +25% minimum earnings guideline (C criteria). Its annual earnings (A criteria) history has been strong since completing its $27 IPO on 9/19/19.
>>> FEATURED STOCK ARTICLE : Consolidating Within Close Range of 52-Week High - 7/9/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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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