Power Snapshots

April 19, 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.

Major indexes lost ground again yesterday pushing the stretch a little further without a rebound, but under the surface the readings improved a little and many subsectors actually eked out gains. 30 to be exact which puts the winners in the majority. With a large chunk of the short term readings in low single digits, we still expect a snapback of some sort sooner than later.  Historically, it likely would have happened by now, but OpEx may be serving up some pretty tough crosscurrents.

RSI Snapshot still under pressure, but in more concentrated spots right here. Most of Energy, Basic Materials subsectors and recently strong Industrial Subsectors are all sporting heavily oversold CFGs as we head into the end of the week. Energy is a a spot we would expect to see some buyers come in if the uptrend is to hold.

Short-term it still looks pretty rough, but there has been improvement from the early week indiscriminate selling.

Another down day where the one-sided action was on the opposite side. Where buyers showed up, they didn’t get much push back.

Precious Metals with the first green on the screen. Longer measures getting over 10% gets a highlight, where it takes over 20% for the shorter time measures.

New lows still dominate, but definitely backed off some today after a sea of red early week. Buyers don’t seem anxious to miss much right now as they can’t seem to hold any intraday gains this week. As mentioned, OpEx may have something to do with that. Sellers have us pretty stretched, but until buyers decide its worth their money, we keep drifting to find the right level.

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!