Daily Power Snapshots

March 12, 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.

Moving average breadth didn’t see much change from Friday with the markets losing ground today. Offensive sectors were pretty green just a couple of weeks ago and have already faded as they are digesting at decent levels so far.

RSI snapshot shows many subsectors are still running above the Number in the second column (centerline of our MA bands on charts) which signifies a positive trend along with the RSI bull ranges. Looking over to the RSI 9 SMA column we see about 20 Subsectors and 5 sectors on Nitrous right now. Healthcare, Industrials and Financials are all standouts on this measure.

Short-term breadth is more mixed as some turbulence sets in after Friday’s reversals. New 10 day lows kicked up a bit in sectors that have been leaders as of late. We will see if they are just seeing a quick raid or if selling will set in.

Pressure Gauges are still showing in Materials, but also in Gas subsector of Utilities. Other than that one, other defensive sectors like Real Estate did not continue to push today as they did late last week.

New highs remain robust. Materials is still pushing and now has Precious Metals joining and sprinting out ahead. Utilities is showing buying pressure we haven’t seen in a while, but we want to see it persist. With this sector and subsectors, they are so small, the high readings are more prevalent.

New Lows Snapshot finally has some life, but nothing to be too concerned about. The key is the sectors they are clustering in. Leading sectors like Health Care, Industrials and Consumer Discretionary are showing the most new lows, but it currently is just in the 10 day lows category and not spreading to the longer term readings. Pharmaceuticals is the only one that has spread so far as it was a tough day for the space.

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!