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AFTER MARKET UPDATE - MONDAY, AUGUST 12TH, 2024
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DOW |
-140.53 |
39,357.01 |
-0.36% |
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Volume |
820,614,650 |
-3% |
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Volume |
4,910,691,800 |
-17% |
|
NASDAQ |
+35.31 |
16,780.61 |
+0.21% |
|
Advancers |
944 |
34% |
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Advancers |
1,667 |
39% |
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S&P 500 |
+0.23 |
5,344.39 |
+0.00% |
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Decliners |
1,808 |
66% |
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Decliners |
2,554 |
60% |
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Russell 2000 |
-18.83 |
2,062.08 |
-0.91% |
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52 Wk Highs |
49 |
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52 Wk Highs |
70 |
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S&P 600 |
-16.40 |
1,319.93 |
-1.23% |
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52 Wk Lows |
67 |
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52 Wk Lows |
193 |
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The market has been in a noted correction (M criteria). Disciplined investors know to avoid new buying efforts until a solid follow-through day is noted. During market corrections it is best to reduce exposure by selling any weakening stocks on a case-by-case basis.
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Major Indices Were Mixed and Little Changed
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 closed less than one point above its prior closing level while the Dow Jones Industrial Average (-0.4%) and Nasdaq Composite (+0.2%) were mixed and little changed. Volume reported was lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by almost a 2-1 margin on the NYSE and by 5-3 on the Nasdaq exchange. There were 24 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 19 on the prior session. New 52-week lows totals expanded and outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in a market correction (M criteria). Disciplined investors know that they should wait for a new confirmed uptrend before any new buying efforts are supported under the fact-based investment system.
 PICTURED: The Dow Jones Industrial Average is sputtering below its 50-day moving average (DMA) line. Recent deterioration raised greater concerns for the broader market outlook. Tuesday's session will mark Day 6 of the new rally attempt, and longtime readers know it is most ideal for a solid follow-through day to confirm a new uptrend between Days 4-7.
Stocks were indecisive in front of influential economic releases. The Producer Price Index (Tuesday), the Consumer Price Index (Wednesday), Retail Sales (Thursday), and Housing Starts (Friday) are due this week.
Three of the 11 S&P 500 sectors settled higher. Real estate (-0.6%) and communication services (-0.6%) fell while information technology rose +0.9%, followed by energy +0.5% and utilities +0.2%. The info tech sector was boosted by a solid gain from NVIDIA (NVDA +4.1%).
The energy sector reacted to higher oil prices ($79.91/bbl, +3.13, +4.1%) on geopolitical angst. The New York Fed's Survey of Consumer Expectations showed that median one- and five-year-ahead inflation expectations were unchanged in July at 3.0% and 2.8%, respectively, while median three-year-ahead inflation expectations declined by 0.6 percentage point to 2.3%.
The 10-yr note yield settled three basis points lower at 3.91% and the 2-yr note yield fell three basis points to 4.02%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Gold & Silver, Energy, and Semiconductor Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -0.10%), Bank Index ($BKX -0.53%) and the Retail Index ($RLX -0.30%) each ended slightly lower on Monday. The tech sector was mixed as the Semiconductor Index ($SOX +0.73%) outpcaed the Biotech Index ($BTK +0.18%), meanwhile the Networking Index ($NWX -0.46%) edged lower. The Gold & Silver Index ($XAU +3.30%) posted a standout gain. The Integrated Oil Index ($XOI +0.77%) and Oil Services Index ($OSX +0.77%) both edged higher.
PICTURED: The Bank Index ($BKX -0.53%) edged lower on Monday, meeting resistance after rebounding near its 50-day moving average (DMA) line following an abrupt pullback.
| Oil Services |
$OSX |
82.72 |
+0.62 |
+0.76% |
-1.39% |
| Integrated Oil |
$XOI |
2,004.30 |
+15.33 |
+0.77% |
+7.62% |
| Semiconductor |
$SOX |
4,743.82 |
+34.37 |
+0.73% |
+13.61% |
| Networking |
$NWX |
932.29 |
-4.27 |
-0.46% |
+11.95% |
| Broker/Dealer |
$XBD |
631.14 |
-0.66 |
-0.10% |
+13.25% |
| Retail |
$RLX |
4,182.48 |
-12.42 |
-0.30% |
+7.55% |
| Gold & Silver |
$XAU |
146.90 |
+4.69 |
+3.30% |
+16.87% |
| Bank |
$BKX |
106.02 |
-0.57 |
-0.53% |
+10.41% |
| Biotech |
$BTK |
5,681.45 |
+10.34 |
+0.18% |
+4.85% |
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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 |
USLM
-
NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$73.07
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+0.40
0.55% |
$73.10
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74,613
73.15% of 50 DAV
50 DAV is 102,000
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$87.13
-16.14%
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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 - 8/8/2024 6:29:21 PM
G - Posted a gain today with lighter volume after 5 consecutive losses raised concerns. A rebound above the 50 DMA line ($73.67) is needed for its outlook to improve.
>>> 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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$68.60
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-0.64
-0.92% |
$69.03
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360,392
47.48% of 50 DAV
50 DAV is 759,000
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$73.01
-6.04%
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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 - 8/9/2024 11:53:59 PM
G - Volume totals have been cooling while stubbornly holding its ground near its all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.75).
>>> 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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$92.70
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-1.29
-1.37% |
$95.50
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488,801
66.87% of 50 DAV
50 DAV is 731,000
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$100.22
-7.50%
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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 - 8/12/2024 5:09:10 PM
Y - Pulled back today with below-average volume. Recently found prompt support near its 50 DMA line ($85.64). More damaging losses would raise greater concerns.
>>> 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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$166.97
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-0.59
-0.35% |
$169.91
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477,491
57.46% of 50 DAV
50 DAV is 831,000
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$177.72
-6.05%
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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 - 8/8/2024 6:28:28 PM
G - Posted a gain today rebounding toward its 50 DMA line with lighter than average volume. A rebound above the 50 DMA line ($170) is needed for its outlook to improve.
>>> 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 |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$92.83
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-0.26
-0.28% |
$93.53
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1,945,050
62.24% of 50 DAV
50 DAV is 3,125,000
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$97.29
-4.58%
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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 - 8/12/2024 5:07:25 PM
Y - Volume totals have been cooling while consolidating. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($82.65).
>>> 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 |
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 |
MELI
-
NASDAQ
MercadoLibre
Retail-Internet
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$1,901.82
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+18.20
0.97% |
$1,904.60
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178,421
54.56% of 50 DAV
50 DAV is 327,000
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$1,909.80
-0.42%
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8/5/2024
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$1,793.73
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PP = $1,792.15
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MB = $1,881.76
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Most Recent Note - 8/9/2024 11:55:43 PM
Y - Wedged higher and hit another new 52-week high with today's 4th consecutive gain backed by lighter than average volume.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 |
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.
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