Power Snapshots

April 25, 2024

Let's Start Here

Power Snapshots 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.

Mixed day in the broader markets with $SPY and $IWM down and $QQQ up, but overall the markets started hitting the first resistance zones and the buyers got some push back.  From a breadth standpoint, it was pretty mixed as well. Both sides are trying to calculate their next move. Not much change from yesterday.

Slight improvement. Looking at Consumer Staples we see the CFG in 2 of the 3 are overbought while RSI are still at or below the 60 level. A rollover here would put a big dent in the defensive sectors leading narrative. It would be a classic overbought in a bear range setup. Utilities are in a little different spot because RSI are dancing around the RSI 60 levels while CFG are getting to overbought. If it rolls over here without the RSI expanding above 60, it would be a more bearish than bullish sign.

The pause was not a reversal, the short term breadth still leans to the bulls and is showing good highs in the defensive names we show above. It’s a big juncture that carries good information about how the markets might act into May. If defensives lead, I would expect sideways to down markets until that changes.

Pretty benign day overall as far as one-sided buying or selling. The selling in Banks was a little out of the recent norm, but many have been on a hot streak lately.

New highs held up pretty well with the mixed day, especially with small caps being down. In this space it was still some defensive leanings. Financials outside of Banks saw a chunk of the highs for the day. Utilities continued to push their recent new highs climb. 

The New Lows only popped up in two spaces showing the attention was still more on buying in the specific spaces they are concentrating on. Unfortunately, much of that leans more defensive still. A pause after 2-3 days of strong bounce off the lows shouldn’t be a big surprise. Today markets are starting under pressure, so sellers have a chance to negate this whole bounce here quickly, let’s see if they can.

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!