Daily Power Snapshots

March 19, 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.

The green here continues to slowly disappear, but most readings aren’t moving down that fast. Tech and Health Care are the only two below 40% on the %>20sma reading, but some others aren’t too far behind. Also, we need to remember with moving average crossovers, it can be either price dropping, the MA catching up or a combination of the two. We have been moving sideways for a few weeks now in our EW Universe, so it’s probably a lot of catch up by the MAs, but we are seeing some price retracement over the last week or so.

RSI Snapshot is a reminder to us that while the momentum is cooling off, it isn’t diving in many spaces. However, those that are getting hit the hardest, it’s about time to start looking for negative CFG readings and then assess if the RSI is holding its bull range or not.

This section continues to leak from green to pink. Selling is picking up and pushing more 10day new lows. Energy doesn’t want to play along, neither does Industrials it seems. 

Not much to report here. Household & Personal Products and Thrifts & Mortgage Finance were the only two with 80% down days.

New highs continue to be concentrated in Energy and Industrials is now starting to pick up again. Materials highs have tapered off a bit here today with Precious Metals consolidating the quick rise from the ashes.

New lows is where the action is at the moment. With small and midcaps down today, breadth took a ding and new lows continued their expansion that started middle of last week.

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!