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AFTER MARKET UPDATE - TUESDAY, AUGUST 20TH, 2024
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Indices NYSE Nasdaq
DOW  -61.56 40,834.97 -0.15% Volume 744,916,945 -5% Volume 5,365,968,400 -5%
NASDAQ -59.83 17,816.94 -0.33% Advancers 943 35% Advancers 1,518 36%
S&P 500 -11.13 5,597.12 -0.20% Decliners 1,784 65% Decliners 2,684 64%
Russell 2000 -25.31 2,142.19 -1.17% 52 Wk Highs 146   52 Wk Highs 141  
S&P 600 -16.45 1,365.80 -1.19% 52 Wk Lows 23   52 Wk Lows 76  

Major Indices Paused After 8 Straight Gains

Modest losses for the major indices broke an eight-session winning streak for the S&P 500 and Nasdaq Composite Indexes. Volume reported for Tuesday 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 49 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 58 on the prior session. New 52-week highs totals outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. Bullish action in the major indices recently confirmed a new market uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system. 

Chart courtesy of www.stockcharts.com

PICTURED: The S&P 600 Small Cap Index pulled back. Recently it found prompt support near the 200-day moving average (DMA) line after retreating from its 2024 high.

Palo Alto Networks (PANW +7.18%) rose after impressive earnings results and guidance. Eli Lilly (LLY +3.05%) rallied on news that tirzepatide reduced the risk of developing type 2 diabetes by 94% in adults with pre-diabetes. Boeing (BA -4.20%) fell after a Bloomberg report indicating the company paused test flights of its 777X to investigate cracks in a key part. Home improvement retailer Lowe's (LOW -1.18%) lost ground after issuing disappointing FY25 guidance.

The energy sector (-2.7%) slumped while WTI crude futures were down just 0.8% to $73.17/bbl. Outside of the energy sector, the biggest moves were made by the consumer staples (+0.5%) and materials (-0.4%) sectors. The Treasury market saw the 2-yr note yield drop seven basis points to 4.00% and the 10-yr note yield fall five basis points to 3.82%. 

Wednesday will bring fresh earnings reports from Target (TGT -0.21%), Macy's (M -0.45%), and TJX Cos. (TJX +0.73%) before the open. The release of benchmark revisions to nonfarm payrolls for April 2023-March 2024 are expected. A fresh $16 billion 20-yr bond auction is scheduled at 1:00 p.m. ET. The Minutes for the July 30-31 FOMC meeting will be made avilable at 2:00 p.m. ET.


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.


Semiconductor, Financial, and Energy-Linked Indexes Fell

The Broker/Dealer Index ($XBD -1.09%) and Bank Index ($BKX -1.00%) both lost ground while the Retail Index ($RLX +0.37%) posted a modest gainThe tech sector was mixed as the Semiconductor Index ($SOX -1.33%) outpaced the Biotech Index ($BTK -0.25%) to the downside while the Networking Index ($NWX +1.88%) posted a solid gain. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU +0.82%) gained ground while the Oil Services Index ($OSX -3.38%) and the Integrated Oil Index ($XOI -2.80%) both suffered large losses.

Chart courtesy of www.stockcharts.com

PICTURED: The Integrated Oil Index ($XOI -2.80%) slumped back below its 200-day moving average (DMA) line with Tuesday's big loss.



Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  80.87 -2.83 -3.38% -3.59%
Integrated Oil $XOI  1,958.07 -56.34 -2.80% +5.13%
Semiconductor $SOX  5,196.30 -70.27 -1.33% +24.45%
Networking $NWX  1,021.06 +18.81 +1.88% +22.60%
Broker/Dealer $XBD  660.68 -7.25 -1.09% +18.55%
Retail $RLX  4,437.20 +16.24 +0.37% +14.10%
Gold & Silver $XAU  157.99 +1.28 +0.82% +25.70%
Bank $BKX  110.53 -1.11 -1.00% +15.11%
Biotech $BTK  5,877.09 -14.58 -0.25% +8.46%


Featured Stocks

 

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
StockCharts.com Latest Chart for USLM USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag  
$77.51 -0.34
-0.44%

$78.35

48,267
50.28% of 50 DAV
50 DAV is 96,000
$87.13
-11.04%
6/18/2024 $71.26 PP = $75.77
MB = $79.56
Most Recent Note - 8/20/2024 6:02:00 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($75). Near-term resistance remains due to overhead supply up to the $87 level.
>>> 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 
StockCharts.com Latest Chart for GVA GVA - NYSE
Granite Construction
Bldg-Heavy Construction  
$70.29 -1.29
-1.80%

$71.85

374,018
48.20% of 50 DAV
50 DAV is 776,000
$73.01
-3.73%
6/11/2024 $59.76 PP = $64.33
MB = $67.55
Most Recent Note - 8/16/2024 11:45:25 PM
G - Volume was below average behind the 2 latest gains while wedging to new high closes. Prior highs in the $64 area define important support to watch coinciding with its 50 DMA line ($64.59).
>>> 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 
StockCharts.com Latest Chart for MMYT MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking  
$93.50 -3.94
-4.04%

$97.50

622,754
88.33% of 50 DAV
50 DAV is 705,000
$100.22
-6.71%
7/23/2024 $96.92 PP = $93.39
MB = $98.06
Most Recent Note - 8/20/2024 5:59:25 PM
Y - Pulled back today with below-average volume after wedging to a best-ever close. Recently found prompt support near its 50 DMA line ($87.68).
>>> 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 
StockCharts.com Latest Chart for TXRH TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants  
$166.73 -1.39
-0.83%

$169.97

803,002
97.45% of 50 DAV
50 DAV is 824,000
$177.72
-6.18%
7/26/2024 $173.08 PP = $175.82
MB = $184.61
Most Recent Note - 8/16/2024 11:43:52 PM
G - Pulled back today and closed below its 50 DMA line ($169.58) which is now downward sloping and may act as resistance.
>>> 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 
StockCharts.com Latest Chart for HWM HWM - NYSE
Howmet Aerospace
Aerospace/Defense  
$95.63 -0.74
-0.77%

$96.71

1,346,827
43.20% of 50 DAV
50 DAV is 3,118,000
$97.29
-1.71%
7/30/2024 $93.95 PP = $85.52
MB = $89.80
Most Recent Note - 8/20/2024 6:00:44 PM
Y - Volume totals have still been cooling while hovering near its all-time high. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($84.21).
>>> 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
StockCharts.com Latest Chart for MELI MELI - NASDAQ
MercadoLibre
Retail-Internet  
$2,005.66 -22.34
-1.10%

$2,027.78

224,913
70.29% of 50 DAV
50 DAV is 320,000
$2,029.99
-1.20%
8/5/2024 $1,793.73 PP = $1,792.15
MB = $1,881.76
Most Recent Note - 8/19/2024 5:17:21 PM
G - Posted a gain for another new 52-week high. Prior highs define initial support to watch on pullbacks.
>>> 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 

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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Kenneth J. Gruneisen founded Gruneisen Growth Corp. (2003), which prior to May 11, 2015, operated CANSLIM.net and CANSLIM.com both under license from Data Analysis Inc. / Investor's Business Daily. Kenneth has passed the CAN SLIM® Master's Exam. Gruneisen Growth Corp. now continues over two decades of fact based market analysis via FactBasedInvesting.com.

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