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AFTER MARKET UPDATE - FRIDAY, AUGUST 30TH, 2024
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DOW |
+228.03 |
41,563.08 |
+0.55% |
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Volume |
1,650,581,242 |
+126% |
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Volume |
5,578,775,500 |
-5% |
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NASDAQ |
+197.19 |
17,713.62 |
+1.13% |
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Advancers |
1,774 |
65% |
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Advancers |
2,514 |
61% |
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S&P 500 |
+56.44 |
5,648.40 |
+1.01% |
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Decliners |
947 |
35% |
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Decliners |
1,630 |
39% |
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Russell 2000 |
+14.65 |
2,217.63 |
+0.67% |
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52 Wk Highs |
264 |
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52 Wk Highs |
158 |
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S&P 600 |
+7.10 |
1,412.57 |
+0.51% |
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52 Wk Lows |
23 |
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52 Wk Lows |
81 |
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Major Indices Rallied into Long Holiday Weekend
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow Jones Industrial Average posted a gain and closed at its high for the day, setting a new record. A late surge of buying also sent the S&P 500 near its best-ever close. Volume reported was mixed, higher than the prior session total on the NYSE and lighter on the Nasdaq exchange. Advancers led decliners by almost a 2-1 margin on the NYSE and by a 5-3 margin on the Nasdaq exchange. Leadership improved as there were 80 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 77 on the prior session. New 52-week highs totals expanded and outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed 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.
PICTURED: The Nasdaq Composite Index is consolidating near its 50-day moving average (DMA) line.
All 11 S&P 500 sectors finished higher with gains ranging from +0.3% (energy) to +1.9% (consumer discretionary). The market helped by earnings reports from Dell (DELL +4.3%), Marvell (MRVL +9.2%), and MongoDB (MDB +18.3%). Amazon (AMZN +3.7%), Tesla (TSLA +3.8%), and NVIDIA (NVDA +1.5%) also helped create a positive bias.
Freah economic news that left the market oriented toward a soft landing for the economy and a rate cut at the September FOMC meeting. The Personal Income and Spending Report for July showed personal income up 0.3%, personal spending up 0.5%. The PCE Price Index and core-PCE Price Index both wereup 0.2%, which kept their year-over-year changes steady at 2.5% and 2.6%, respectively.
The 2-yr note yield rose four basis points to 3.93%. The 10-yr note yield also jumped four basis points to 3.91%.
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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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Retail and Semiconductor Indexes Led Group Gainers
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +2.28%) outpaced the Bank Index ($BKX +1.17%) and the Broker/Dealer Index ($XBD +0.60%). The tech sector was led by the Semiconductor Index ($SOX +2.58%), meanwhile the Networking Index ($NWX -0.54%) and the Biotech Index ($BTK -0.27%) both edged lower. The Gold & Silver Index ($XAU -0.63%) and the Oil Services Index ($OSX -0.55%) both edged lower while the Integrated Oil Index ($XOI +0.36%) finished slightly higher.
PICTURED: The Networking Index ($NWX -0.54%) has recently been consolidating near its 2024 high.
| Oil Services |
$OSX |
81.84 |
-0.45 |
-0.55% |
-2.43% |
| Integrated Oil |
$XOI |
2,009.40 |
+7.25 |
+0.36% |
+7.89% |
| Semiconductor |
$SOX |
5,158.82 |
+129.57 |
+2.58% |
+23.55% |
| Networking |
$NWX |
1,018.03 |
-5.57 |
-0.54% |
+22.24% |
| Broker/Dealer |
$XBD |
679.59 |
+4.03 |
+0.60% |
+21.95% |
| Retail |
$RLX |
4,459.24 |
+99.48 |
+2.28% |
+14.67% |
| Gold & Silver |
$XAU |
153.91 |
-0.98 |
-0.63% |
+22.45% |
| Bank |
$BKX |
115.93 |
+1.34 |
+1.17% |
+20.74% |
| Biotech |
$BTK |
5,871.89 |
-16.10 |
-0.27% |
+8.36% |
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Granite Contruction Closes at All-Time High
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Granite Construction (GVA +$1.16 or +1.57% to $75.16) had light volume behind a gain for another new all-time high close. Its 50-day moving average (DMA) line ($66.89) defines inital support to watch on pullbacks above prior highs in the $64 area.
GVA was 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. It was last shown in this FSU section on 7/31/24 with an annotated graph under the headline "Hit New High While Making Steady Progress".
Granite Construction has a 94 Earnings Per Share Rating. It reported solid earnings increases backed by accelerating sales revenues growth in the Jun, Sep, Dec '23, Mar and Jun '24 quarters versus the year ago periods. Annual earnings growth has been strong and steady.
GVA hails from the Bldg-Heavy Construction group which is currently ranked 25th on the 197 Industry Groups list (L criteria). It has a small supply of only 43.2 million shares outstanding (S criteria) which can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 401 in Jun '23 to 415 in Jun '24. Its current Up/Down Volume Ratio of 1.6 is an unbiased indication its shares have been under accumulation over the past 50 days.
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 | $81.73 | +2.90
3.68% | $82.17 | 49,909
59.42% of 50 DAV
50 DAV is 84,000 | $87.13
-6.20%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 8/27/2024 5:18:30 PM
G - Pulled back today for a loss with below average volume. Volume totals have been cooling while consolidating above its 50 DMA line ($76.26). Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Consolidating Above 50-Day Moving Average - 8/21/2024 | 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 | $75.16 | +1.16
1.57% | $75.22 | 356,345
49.36% of 50 DAV
50 DAV is 722,000 | $75.36
-0.27%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 |  Most Recent Note - 8/30/2024 4:53:17 PM
G - Volume was ligh behind today''s small gain for a new all-time high close. Its 50 DMA line ($66.19) defines inital support to watch on pullbacks above prior highs in the $64 area. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Granite Contruction Closes at All-Tiem High - 8/30/2024 | 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 | $96.17 | -0.80
-0.82% | $98.99 | 347,522
51.64% of 50 DAV
50 DAV is 673,000 | $101.50
-5.25%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/28/2024 5:36:04 PM
Y - Lost ground today with lighter volume. There was a noted "negative reversal" for a loss with light volume on 8/26/24 after touching a new all-time high. Recently found prompt support near its 50 DMA line ($90).
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 | 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 | $168.75 | +0.12
0.07% | $170.13 | 534,058
67.43% of 50 DAV
50 DAV is 792,000 | $177.72
-5.05%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/27/2024 5:13:38 PM
G - Posted a gain today with below-average volume. Closed just below its 50 DMA line ($169.39) which is now downward sloping and has acted as resistance. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Meeting Stubborn Resistance at 50-Day Moving Average - 8/27/2024 | 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 | $96.66 | -0.30
-0.31% | $97.49 | 3,144,456
105.52% of 50 DAV
50 DAV is 2,980,000 | $98.15
-1.52%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/29/2024 10:35:19 PM
G - Holding its ground hovering above its "max buy" level near its all-time high. Wedged higher after a pullback tested prior highs in the $85 area coinciding with its 50 DMA line. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Holding Ground Near All-Time High After Pullback Testing Support - 8/29/2024 | 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 | $2,061.66 | +45.87
2.28% | $2,064.76 | 381,709
121.56% of 50 DAV
50 DAV is 314,000 | $2,048.99
0.62%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/28/2024 5:34:44 PM
G - Pulled back today with lighter volume after quietly hitting a new 52-week high on the prior session. 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 |
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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
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$78.83
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+0.72
0.92% |
$79.71
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38,708
43.01% of 50 DAV
50 DAV is 90,000
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$87.13
-9.53%
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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 - 8/27/2024 5:18:30 PM
G - Pulled back today for a loss with below average volume. Volume totals have been cooling while consolidating above its 50 DMA line ($76.26). Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Consolidating Above 50-Day Moving Average - 8/21/2024 |
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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$74.00
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-0.05
-0.07% |
$75.36
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646,608
90.69% of 50 DAV
50 DAV is 713,000
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$75.15
-1.53%
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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 - 8/27/2024 5:16:13 PM
G - Volume was +44% above average behind today's small gain as it hit another new all-time high. Its 50 DMA line ($66.19) defines inital support to watch on pullbacks above prior highs in the $64 area.
>>> 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
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$96.97
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+0.71
0.74% |
$97.85
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241,326
35.03% of 50 DAV
50 DAV is 689,000
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$101.50
-4.46%
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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 - 8/28/2024 5:36:04 PM
Y - Lost ground today with lighter volume. There was a noted "negative reversal" for a loss with light volume on 8/26/24 after touching a new all-time high. Recently found prompt support near its 50 DMA line ($90).
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 |
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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$168.63
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-0.97
-0.57% |
$171.11
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427,856
53.15% of 50 DAV
50 DAV is 805,000
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$177.72
-5.11%
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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 - 8/27/2024 5:13:38 PM
G - Posted a gain today with below-average volume. Closed just below its 50 DMA line ($169.39) which is now downward sloping and has acted as resistance. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Meeting Stubborn Resistance at 50-Day Moving Average - 8/27/2024 |
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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$96.96
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+0.44
0.46% |
$97.75
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1,949,366
65.00% of 50 DAV
50 DAV is 2,999,000
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$98.15
-1.21%
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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 - 8/29/2024 10:35:19 PM
G - Holding its ground hovering above its "max buy" level near its all-time high. Wedged higher after a pullback tested prior highs in the $85 area coinciding with its 50 DMA line. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Holding Ground Near All-Time High After Pullback Testing Support - 8/29/2024 |
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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$2,015.79
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+20.62
1.03% |
$2,023.55
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199,399
62.90% of 50 DAV
50 DAV is 317,000
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$2,048.99
-1.62%
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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 - 8/28/2024 5:34:44 PM
G - Pulled back today with lighter volume after quietly hitting a new 52-week high on the prior session. 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 |
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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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