Daily Power Snapshots

March 20, 2024

Let's Start Here

Daily Power Snapshots are a new morning review of the sector and subsector data spreadsheets that we post from time to time. This will be part of the elite memberships and will hit your inbox early for your daily preparation. These quickly show where each segment stands on the long, intermediate and short-term views from breadth and momentum perspectives. Also, keep an eye out for the weekend version where we put each snapshot for the week in a carousel so you can see how things changed as we progressed through the week.

We got some green back today. Basic Materials showed some renewed interest along with more buying in Industrials. Energy continued to extend with crude oil making highs as well. Most importantly, it kept any downside momentum from catching hold for now.

RSI Snapshot as I mentioned yesterday, momentum was cooling, not disappearing. Today many spaces firmed up some. Energy is on watch here, not because it can’t push further, but how high the CFGs go before reversing can have some decent longer term implications, so we watch for magnitude as well as reversals.

As the buying picked back up, Consumer Discretionary got some of it cleaning things up a bit. Of course, Energy is starting to get a bit hot, so again, we will see how far it pushes from here and how much of the gains it consolidates when it starts to digest. Lastly, here again, we find Industrials trying to lead out with Energy and Materials.

Energy, of course, and some Industrials make sense. The Utilities buying after recent price action is notable. It hasn’t been acting very defensive, more interest rate sensitive, and today it didn’t care much. Maybe the inflation data reaction was a little overblown?

Now we see a solid snapback in new highs across a lot of spaces. That is what we needed to see. Technology doesn’t have to be done, but the fact it isn’t dragging everyone else with it is great news. Also, the places with solid new highs still lean offensive and not defensive on the snapback. 

There was still some selling. Semiconductors were still leaking. A few other scattered areas still saw selling continue today.

A quick review should help you find where money is flowing and get to your fishing lanes for the day a little faster. To dive deeper into any particular space, just go back up top to the menu you can get to any sector or subsector from there!

This information is for educational purposes only and is not a recommendation.  Please see the full disclosure in the footer.

As always, I hope this helps!