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AFTER MARKET UPDATE - WEDNESDAY, OCTOBER 23RD, 2024
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DOW |
-409.94 |
42,514.95 |
-0.96% |
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Volume |
823,382,654 |
+2% |
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Volume |
6,482,898,900 |
-2% |
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NASDAQ |
-296.47 |
18,276.65 |
-1.60% |
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Advancers |
711 |
26% |
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Advancers |
1,232 |
29% |
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S&P 500 |
-53.78 |
5,797.42 |
-0.92% |
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Decliners |
2,020 |
74% |
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Decliners |
3,000 |
71% |
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Russell 2000 |
-17.69 |
2,213.84 |
-0.79% |
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52 Wk Highs |
65 |
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52 Wk Highs |
80 |
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S&P 600 |
-8.76 |
1,393.23 |
-0.62% |
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52 Wk Lows |
43 |
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52 Wk Lows |
112 |
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Breadth Negative as Major Indices Fell With Less Leadership
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices lost ground on Wednesday. The volume totals reported were mixed, lighter than the prior session total on the NYSE and higher on the Nasdaq exchange. Decliners led advancers by almost a 3-1 margin on the NYSE and on the Nasdaq exchange. There were 25 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 29 on the prior session. New 52-week highs totals contracted yet still 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 S&P 600 Small Cap Index pulled back for a 5th consecutive loss, testing its 50-day moving average (DMA) line.
The weakest sectors were the consumer discretionary (-1.8%), information technology (-1.7%), and communication services (-1.4%) sectors. The communication services sector had the benefit of a positive response to AT&T (T +4.6%) following its earnings report. McDonald's (MCD -5.2%) slumped with reports of an E. coli outbreak. Enphase Energy (ENPH -14.9%) and Seagate Technology (STX -8.1%) both faced selling pressure after their earnings reports.
The only two sectors were real estate (+1.0%) and utilities (+1.0%). The action was typical of defensive-oriented trading. There was a +6.7% gain in the CBOE Volatility Index to 19.41.
Losses for the other six sectors ranged from 0.1% to 0.5%. The industrials sector (-0.3%) was impacted by the loss in Boeing (BA -1.8%) after its earnings report and as the new CEO explained that it will take time to return the company to that of its former legacy. |
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, Financial, Retail, and Tech Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -0.94%) and the Retail Index ($RLX -1.81%) both lost ground while the Bank Index ($BKX +0.33%) posted a small gain. The Semiconductor Index ($SOX -1.14%) and Biotech Index ($BTK -1.32%) both outpaced the Networking Index ($NWX -0.81%) to the downside. The Gold & Silver Index ($XAU -1.88%), Oil Services Index ($OSX -1.36%), and the Integrated Oil Index ($XOI -1.08%) ended unanimously lower.
PICTURED: The Integrated Oil Index ($XOI -1.08%) pulled back, slumping below its 50-day and 200-day moving average lines toward its 2024 low.
| Oil Services |
$OSX |
74.51 |
-1.03 |
-1.36% |
-11.17% |
| Integrated Oil |
$XOI |
1,887.76 |
-20.60 |
-1.08% |
+1.36% |
| Semiconductor |
$SOX |
5,131.37 |
-59.34 |
-1.14% |
+22.89% |
| Networking |
$NWX |
1,145.03 |
-9.30 |
-0.81% |
+37.49% |
| Broker/Dealer |
$XBD |
734.98 |
-7.00 |
-0.94% |
+31.88% |
| Retail |
$RLX |
4,622.72 |
-85.39 |
-1.81% |
+18.87% |
| Gold & Silver |
$XAU |
172.43 |
-3.31 |
-1.88% |
+37.19% |
| Bank |
$BKX |
121.65 |
+0.40 |
+0.33% |
+26.69% |
| Biotech |
$BTK |
5,812.30 |
-78.01 |
-1.32% |
+7.26% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 | $101.97 | -1.04
-1.01% | $103.74 | 34,875
61.18% of 50 DAV
50 DAV is 57,000 | $105.59
-3.43%
| 9/17/2024 | $71.26 | PP = $87.23 | | MB = $91.59 |  Most Recent Note - 10/23/2024 9:09:41 PM
G - Pulled back from its all-time high with today''s loss backed by below-average volume. Its 50 DMA line ($88.62) and prior high in the $87 area define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Hovering Above Prior Highs Near All-Time High - 10/7/2024 | 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 | $82.62 | -0.14
-0.17% | $84.10 | 1,137,060
203.77% of 50 DAV
50 DAV is 558,000 | $84.06
-1.71%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 10/21/2024 1:53:01 PM
G - Hitting yet another new all-time high with today''s gain. Its 50 DMA line ($76.41) defines initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High - 10/1/2024 | 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 | $178.99 | -1.44
-0.80% | $180.25 | 539,353
82.72% of 50 DAV
50 DAV is 652,000 | $184.19
-2.82%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 10/18/2024 4:26:48 PM
Y - Gain for a new all-time high close today was backed by below-average volume. Recently noted rebound above the 50 DMA line ($170) helped its outlook to improve. Faces no resistance due to overhead supply. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Gain With Light Volume for New High Close - 10/18/2024 | 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 | $102.83 | +0.18
0.18% | $103.81 | 1,847,843
86.11% of 50 DAV
50 DAV is 2,146,000 | $106.93
-3.83%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 10/22/2024 10:03:20 PM
G - Pulled back from its all-time high with today''s big volume-driven loss. Extended from any sound base. Prior highs in the $98 area coincide with its 50 DMA defining important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Gain With Light Volume for Best-Ever Close - 9/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MELI - NASDAQ
MercadoLibre
Retail-Internet | $2,038.70 | -29.12
-1.41% | $2,075.24 | 163,750
58.69% of 50 DAV
50 DAV is 279,000 | $2,161.73
-5.69%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 10/22/2024 10:04:26 PM
G - Pulled back today with below-average volume. Recently found support near its 50 DMA line ($2,038). Little near-term resistance remains due to overhead supply up to the $2,161 level.
>>> FEATURED STOCK ARTICLE : Testing 50-Day Moving Average Line - 10/3/2024 | 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 | NGVC - NYSE
Natural Grocers
Retail-Super/Mini Mkts | $26.54 | -0.08
-0.30% | $26.62 | 68,208
81.20% of 50 DAV
50 DAV is 84,000 | $30.32
-12.47%
| 9/5/2024 | $27.91 | PP = $27.60 | | MB = $28.98 | Most Recent Note - 10/18/2024 3:48:18 PM
G - Pulling back today with even lighter volume after 3 consecutive gains with below-average volume. It remains above its 50 DMA line ($26.56) but it is slumping back below the previously cited pivot point again.
>>> FEATURED STOCK ARTICLE : Near 50-Day Moving Average After Volume-Driven Losses - 10/4/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | CLS - NYSE
Celestica
Elec-Contract Mfg | $57.47 | +1.47
2.63% | $57.71 | 3,465,477
182.59% of 50 DAV
50 DAV is 1,898,000 | $64.56
-10.98%
| 10/11/2024 | $57.62 | PP = $63.59 | | MB = $66.77 | Most Recent Note - 10/23/2024 9:13:09 PM
Y - Halted its slide and posted a solid gain today with higher volume. Color code was changed to yellow with a new pivot point cited based on its Subsequent gains and strong close above the pivot point backed by at least +40% above average volume may trigger a proper new technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Celistica Hits New All-Time High With 8th Straight Gain - 10/11/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | PAY - NYSE
Paymentus Holdings
Finance-CrdtCard/PmtPr | $24.40 | -0.53
-2.13% | $24.97 | 151,771
74.03% of 50 DAV
50 DAV is 205,000 | $27.06
-9.83%
| 10/17/2024 | $26.15 | PP = $25.31 | | MB = $26.58 | Most Recent Note - 10/23/2024 9:11:39 PM
Y - Pulled back today with below average volume but undercut prior highs in the $25 area raising concerns.
>>> FEATURED STOCK ARTICLE : Paymentus Featured Breaking Out With Volume Driven Gains - 10/17/2024 | 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***
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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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