Power Snapshots

April 23, 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.

Markets put in a strong day on the surface which helped Moving Average Snapshot improve, but the damage was real in Consumer Discretionary, Health Care and Tech which will take a minute to repair.

RSI snapshot continues to improve in a lot of spaces, just not the previous hot ones mentioned above. Financials were a big standout extending the leadership they showed last week along with Utilities.

Short-term breadth continues to improve space by space, but a lot closer to neutral. This should help pick your spots as these are the spaces that are coming out first with new 10day highs.

This helps us get an idea where buyers were aggressive with the buying that was done. This doesn’t take into account the absolute level of participation, just how it is split between buyers and sellers. The volume for the major indexes was down across the board. However, investors started the week dipping back in to test the waters. Precious Metals was the only space that got sold into the rally.

It’s nice to see some green back on the screen, but it leans very defensive still here.

New lows are once again, but it’s pretty early in the bounce attempt, but now is really when we want to pay attention and take notes on which subsectors perform and which ones don’t participate. Today proved nothing other than the buyers didn’t all die, they just took a few days off. Are they ready to come back? Maybe, but stay nimble. We are still well within a normal correction zone and the markets could drop another 5% or more and still be in a larger uptrend. This may be the end of the selling, but as of now, I am skeptical. Time studies suggest after a 5+ month up move, 3-4 weeks of digestion would be a very minimal. More normal would be closer to 6-10 weeks and take us into May. That doesn’t mean this bounce won’t take a week or more to complete and provide some great opportunities along the way to the nimble. With defensive sectors getting the rotation at the moment, the idea of a bounce and then another leg down is how institutions are trying to position here. Let’s see if they continue that into the week if more buyers join in or if they flip back to offensive sectors.

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!