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AFTER MARKET UPDATE - THURSDAY, AUGUST 1ST, 2024
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DOW |
-494.82 |
40,347.97 |
-1.21% |
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Volume |
1,120,571,631 |
-12% |
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Volume |
6,888,525,500 |
+8% |
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NASDAQ |
-405.25 |
17,194.15 |
-2.30% |
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Advancers |
911 |
33% |
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Advancers |
1,040 |
24% |
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S&P 500 |
-75.62 |
5,446.68 |
-1.37% |
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Decliners |
1,858 |
67% |
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Decliners |
3,216 |
76% |
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Russell 2000 |
-68.32 |
2,186.16 |
-3.03% |
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52 Wk Highs |
192 |
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52 Wk Highs |
109 |
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S&P 600 |
-38.59 |
1,397.24 |
-2.69% |
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52 Wk Lows |
44 |
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52 Wk Lows |
179 |
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Breadth Negative as Major Indices Tumbled Under Pressure
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
There were solid declines for the Dow Jones Industrial Average -1.2% lower, the S&P 500 (-1.4%), and the Nasdaq Composite (-2.3%). The Russell 2000 sank -3.0%. Volume reported was mixed, lighter than the prior session total on the NYSE and higher on the Nasdaq exchange. Decliners led advancers by a 2-1 margin on the NYSE and by 3-1 on the Nasdaq exchange. There were 53 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 95 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs on the Nasdaq exchange. The major indices are in an uptrend that has been encountering pressure (M criteria). Remember that any uptrend requires healthy leadership and it remains important for a continuing flow of stocks hitting new highs.
 PICTURED: The S&P 500 Index tested its 50-day moving average (DMA) line with another damaging volume-driven loss. Deterioration to new lows would raise greater concerns for the broader market outlook.
The downside bias was driven by growth concerns following some disappointing economic data this morning. Weekly initial jobless claims, a leading economic indicator, increased to 249,000 from 235,000 last week, reflecting some softening in the labor market that may weaken discretionary spending. The ISM Manufacturing Index showed weakening in the manufacturing sector, dropping further into contraction territory to 46.8% in July from 48.5% in June. Fresh data showed higher-than-expected preliminary Q2 productivity growth (actual 2.3%) and smaller-than-expected unit labor cost growth (actual 0.9%).
The 10-yr note yield settled below 4.00%, down 13 basis points to 3.98%. The 2-yr note yield settled 18 basis points lower at 4.16%. The drop in yields boosted rate sensitive areas of the market like the real estate (+1.6%) and utilities (+1.9%) sectors. The communication services sector rose +0.9% due to a rally for Meta Platforms (META +4.82%). The heavily-weighted information technology sector registered the largest decline, dropping 3.4%. |
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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Semiconductor, Commodity, Financial and Retail Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.53%), Broker/Dealer Index ($XBD -2.48%) and the Bank Index ($BKX -2.98%) finished unanimously in the red. The tech sector was led lower by a huge loss for the Semiconductor Index ($SOX -7.14%) followed by the Networking Index ($NWX -2.98%), meanwhile the Biotech Index ($BTK +0.84%) rose. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -1.92%), Oil Services Index ($OSX -3.96%) and the Integrated Oil Index ($XOI -3.03%) posted unanimous losses.
PICTURED: The Broker/Dealer Index ($XBD -2.48%) pulled back from its 2024 high testing its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
88.30 |
-3.64 |
-3.96% |
+5.28% |
| Integrated Oil |
$XOI |
2,011.88 |
-62.87 |
-3.03% |
+8.02% |
| Semiconductor |
$SOX |
4,859.59 |
-373.60 |
-7.14% |
+16.38% |
| Networking |
$NWX |
923.63 |
-28.41 |
-2.98% |
+10.91% |
| Broker/Dealer |
$XBD |
643.82 |
-16.37 |
-2.48% |
+15.53% |
| Retail |
$RLX |
4,503.14 |
-70.16 |
-1.53% |
+15.80% |
| Gold & Silver |
$XAU |
149.40 |
-2.93 |
-1.92% |
+18.87% |
| Bank |
$BKX |
111.15 |
-3.42 |
-2.98% |
+15.76% |
| Biotech |
$BTK |
5,788.17 |
+47.96 |
+0.84% |
+6.82% |
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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
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NYSE
TransDigm Group
Aerospace/Defense
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$1,268.04
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-26.18
-2.02% |
$1,296.78
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237,424
98.52% of 50 DAV
50 DAV is 241,000
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$1,369.58
-7.41%
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7/31/2024
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$1,294.22
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PP = $1,369.68
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MB = $1,438.16
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Most Recent Note - 7/31/2024 5:10:08 PM
Y - Color code is changed to yellow after today's 4th consecutive gain helped it rebound above its 50 DMA line ($1,294). It is -5.5% off its all-time high. The new pivot point cited is based on its 6/06/24 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume are needed to trigger a proper new technical buy signal. 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 |
Request a new note
C
A
S
I |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$84.93
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-0.12
-0.14% |
$87.13
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90,797
88.15% of 50 DAV
50 DAV is 103,000
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$86.47
-1.78%
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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 - 7/31/2024 5:12:29 PM
G - Posted a gain today with below-average volume for a new all-time high, getting more extended from any sound base. Prior highs in the $75 area define initial support to watch above its 50 DMA line ($73.17). Do not be confused as shares split 5:1 (Featured Price and Pivot Point were adjusted).
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 |
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
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$69.39
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+0.93
1.36% |
$73.01
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1,126,020
161.55% of 50 DAV
50 DAV is 697,000
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$69.66
-0.39%
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6/11/2024
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$59.76
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PP = $64.33
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MB = $67.55
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Most Recent Note - 7/31/2024 4:56:39 PM
G - Posted a gain backed by average volume hitting another new all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($62.79). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
MMYT
-
NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$89.49
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-4.10
-4.38% |
$94.66
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570,947
74.54% of 50 DAV
50 DAV is 766,000
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$100.22
-10.71%
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7/23/2024
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$96.92
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PP = $93.39
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MB = $98.06
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Most Recent Note - 8/1/2024 11:10:27 PM
Y - Suffered a big loss today with below-average volume. Prior highs in the $89 area define initial support to watch on pullbacks. Its 50 DMA line ($84) defines the next important support level.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
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$173.13
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-1.48
-0.85% |
$177.72
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720,793
87.37% of 50 DAV
50 DAV is 825,000
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$176.66
-2.00%
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7/26/2024
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$173.08
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PP = $175.82
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MB = $184.61
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Most Recent Note - 8/1/2024 11:13:10 PM
Y - Touched a new all-time today. Encountered distributional pressure after highlighted in yellow with pivot point cited based on its 6/28/24 high plus 10 cents in the 7/26/24 mid-day report. Subsequent gains and a close above the pivot point backed by at least +40% above average volume may trigger a proper technical buy signal.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 |
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 |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$94.87
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-0.83
-0.87% |
$97.29
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3,140,489
107.22% of 50 DAV
50 DAV is 2,929,000
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$96.93
-2.13%
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7/30/2024
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$93.95
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PP = $85.52
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MB = $89.80
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Most Recent Note - 7/30/2024 11:30:41 PM
Y - Finished strong after highlighted in yellow with pivot point cited based on its 5/28/24 high plus 10 cents. Hit a new all-time high triggering a technical buy signal with today's considerable "breakaway gap" and volume-driven gain. Recent quarterly comparisons through Jun '24 showed earnings increases above the +25% minimum guideline (C criteria) versus the year-ago period. Annual earnings (A criteria) history has improved after a downturn in FY '19-20. See the latest FSU analysis for more details.
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
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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.
This report is a service available
only to active Paid Premium Members.
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