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AFTER MARKET UPDATE - TUESDAY, OCTOBER 1ST, 2024
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DOW |
-173.18 |
42,156.97 |
-0.41% |
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Volume |
972,658,720 |
-27% |
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Volume |
6,028,776,400 |
+2% |
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NASDAQ |
-278.81 |
17,910.36 |
-1.53% |
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Advancers |
1,155 |
42% |
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Advancers |
1,303 |
31% |
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S&P 500 |
-53.73 |
5,708.75 |
-0.93% |
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Decliners |
1,587 |
58% |
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Decliners |
2,941 |
69% |
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Russell 2000 |
-32.94 |
2,197.03 |
-1.48% |
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52 Wk Highs |
192 |
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52 Wk Highs |
113 |
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S&P 600 |
-19.74 |
1,402.35 |
-1.39% |
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52 Wk Lows |
22 |
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52 Wk Lows |
146 |
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Major Indices Fell to Start Q4 Heading Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The market-cap weighted S&P 500 declined 0.9% after being down as much as 1.8%. The volume reported was lighter than the prior session total on the NYSE and higher on the Nasdaq exchange. Decliners led advancers by a 4-3 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 56 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 51 on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs 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 after rebounding within striking distance of its all-time high.
Initial reports indicated that the White House was concerned about a potential Iranian strike on Israel. This concern materialized, but subsequent reports suggested that most of Iran's missiles were destroyed by Israel's defense system.
The price action in equities, bonds, and commodities reflected uncertainty around the situation in the Middle East, but also reflected some relief that today's attacks by Iran were largely unsuccessful.
The 10-yr note yield settled six basis points lower at 3.74%. WTI crude oil futures traded above $71.00/bbl at their highs, but settled at $69.74/bbl.
A sizable decline in shares of Apple (AAPL -2.9%) after Barclays suggested iPhone 16 demand is sluggish also clipped index performance. This price action weighed down the S&P 500 information technology sector (-2.7%), along with declines in Microsoft (MSFT -2.2%) and NVIDIA (NVDA -3.7%). |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups Led Gainers as Bank and Semi Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.26%) and the Broker/Dealer Index ($XBD -0.13%) both ended slightly lower while the Bank Index ($BKX -1.93%) suffered a larger loss. The tech sector had a negative bias as the Semiconductor Index ($SOX -2.86%) created a big drag while the Networking Index ($NWX -0.82%) suffered a smaller loss and the Biotech Index ($BTK +0.00%) finished flat. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.61%), Oil Services Index ($OSX +2.79%), and the Integrated Oil Index ($XOI +2.39%) each posted solid gains.
PICTURED: The Networking Index ($NWX -0.82%) pulled back from its 2024 high.
| Oil Services |
$OSX |
78.54 |
+2.11 |
+2.76% |
-6.36% |
| Integrated Oil |
$XOI |
1,922.10 |
+42.19 |
+2.24% |
+3.20% |
| Semiconductor |
$SOX |
5,023.22 |
-149.84 |
-2.90% |
+20.30% |
| Networking |
$NWX |
1,114.91 |
-14.92 |
-1.32% |
+33.87% |
| Broker/Dealer |
$XBD |
687.28 |
-2.85 |
-0.41% |
+23.33% |
| Retail |
$RLX |
4,677.44 |
-13.65 |
-0.29% |
+20.28% |
| Gold & Silver |
$XAU |
160.39 |
+1.67 |
+1.05% |
+27.61% |
| Bank |
$BKX |
112.56 |
-1.90 |
-1.66% |
+17.23% |
| Biotech |
$BTK |
5,886.49 |
-36.18 |
-0.61% |
+8.63% |
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Hovering Near All-Time High
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Granite Construction (GVA) posted a 3rd consecutive gain today, hovering near its all-time high. Its 50-day moving average (DMA) line ($72.76) and prior low in the $70 area define important near-term support levels to watch on pullbacks.
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 8/30/24 with an annotated graph under the headline "Granite Contruction Closes at All-Time High".
Granite Construction has a 95 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 20th on the 197 Industry Groups list (L criteria). It has a small supply of only 43.7 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 420 in Sep '24. Its current Up/Down Volume Ratio of 1.7 is an unbiased indication its shares have been under accumulation over the past 50 days.
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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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$93.18
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-4.48
-4.59% |
$97.38
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72,430
108.10% of 50 DAV
50 DAV is 67,000
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$97.88
-4.80%
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9/17/2024
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$71.26
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PP = $87.23
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MB = $91.59
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Most Recent Note - 9/30/2024 5:18:18 PM
G - Hit another new all-time high with today's gain backed by +22% above-average volume. Prior high in the $87 area defines initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : US Lime & Minerals Lingers Below 50-Day Average - 9/6/2024 |
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News |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
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$79.33
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+0.05
0.06% |
$80.39
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1,017,502
161.25% of 50 DAV
50 DAV is 631,000
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$81.38
-2.52%
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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 - 10/1/2024 10:29:06 PM
G - Posted a 3rd small gain today, hovering near its all-time high. Its 50 DMA line and prior low in the $70 area define important near-term support levels to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High - 10/1/2024 |
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Set NEW NOTE alert |
Company Profile |
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News |
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C
A
S
I |
MMYT
-
NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$91.67
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-1.28
-1.38% |
$93.90
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844,355
131.11% of 50 DAV
50 DAV is 644,000
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$110.49
-17.03%
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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 - 9/30/2024 5:20:10 PM
G - Slumped further below its 50 DMA line ($96.15) with today's loss backed by +31% above-average volume. A rebound above the 50 DMA line is needed for its outlook to improve. Faces near-term resistance due to overhead supply up to the $110 area.
>>> FEATURED STOCK ARTICLE : New High After Finding Prompt Support Near 50-Day Moving Average - 9/12/2024 |
View all notes |
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C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
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$177.22
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+0.62
0.35% |
$178.14
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532,308
72.23% of 50 DAV
50 DAV is 737,000
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$180.69
-1.92%
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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 - 9/26/2024 5:57:54 PM
Y - Hit a new high with lighter volume behind today's 4th consecutive gain. Recently noted rebound above the 50 DMA line ($168) helped its outlook to improve. Faces no resistance due to overhead supply.
>>> FEATURED STOCK ARTICLE : Wedging to New Highs With Quiet Volume Behind Gains - 9/26/2024 |
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C
A
S
I |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$100.92
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+0.67
0.67% |
$101.70
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2,084,508
75.88% of 50 DAV
50 DAV is 2,747,000
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$100.62
0.30%
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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 - 9/30/2024 6:04:04 PM
G - Volume was light today as it posted a gain for a best-ever close. Its 50 DMA ($93.41) line defines important near-term support above the recent low ($90.72). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Gain With Light Volume for Best-Ever Close - 9/30/2024 |
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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 |
MELI
-
NASDAQ
MercadoLibre
Retail-Internet
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$2,066.12
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+14.16
0.69% |
$2,067.72
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349,099
110.47% of 50 DAV
50 DAV is 316,000
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$2,161.73
-4.42%
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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 - 9/26/2024 5:52:30 PM
G - Volume was average today as it touched a new all-time high but ended slightly lower. Its prior low ($1,966) and 50 DMA line ($1,924) define near-term support levels to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Pulled Back From New All-Time High - 9/3/2024 |
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News |
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C
A
S
I |
NGVC
-
NYSE
Natural Grocers
Retail-Super/Mini Mkts
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$29.44
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-0.25
-0.84% |
$29.76
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174,080
197.82% of 50 DAV
50 DAV is 88,000
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$30.32
-2.90%
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9/5/2024
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$27.91
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PP = $27.60
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MB = $28.98
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Most Recent Note - 9/30/2024 5:17:25 PM
G - Posted a big gain today with above-average volume for a new high close above its "max buy" level and its color code is changed to green. Prior highs in the $27 area acted as support. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Following Pullback a Secondary Buy Point Exists - 9/5/2024 |
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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.
This report is a service available
only to active Paid Premium Members.
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