Power Snapshots

April 18, 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.

Wednesday cleared up the indecision from Tuesday with continued selling. Moving average reading moved down further and spread more to the intermediate readings.

As price continues to leak, CFGs are getting more stretched short term with a few remaining with RSI above 40. We are still in spike potential for many, but the time is running out fast for those exceptions.

Short-Term breadth sheet still looks pretty stretched, about the same amount of red as yesterday, it just spread to different spaces. Utilities were the outlier showing decent improvement relative to the other subsectors. Communication Services doesn’t seem to be getting hit as hard either. It started losing relative strength in late February while still being a top year to date performer. It turning first here might be a sign it is ready to lead again when buyers return.

Definitely looks better than the Short-Term Breadth sheet showing sellers were still present, but couldn’t keep the pressure on yesterday even with the big down candles.

No need to focus here until we start seeing a few 10%+ readings pop up.

Communication Services, Consumer Staples and Utilities are the sectors that held up better today. Two are defensive and the Communication Services can lean that way with the high dividend Telecom subsector in it. This would suggest that so far any nibbling has been fairly defensive. Good information to gauge as we move forward and get some bounce here soon. This would be day 3 since the back to back percent days, so on average it is now. It can extend a day or few more, but doesn’t usually drag things out, so have your list ready 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!