Power Snapshots

April 24, 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.

Today was the day we really got some repair work done. Doesn’t mean a new leg has begun, but it added to a good start on Monday. Technology led the day, but isn’t the current leader. Financials are definitely putting in the work. Utilities also continued to make progress in a positive market, so this move might have more staying power than previous attempts by the space to emerge.

Still a lot of 9sma of RSI below 40 which is the Nitrous in reverse, so there is a chance for more meltdowns if buyers don’t continue to come back. As with most momentum indicators, it often spends more time overbought than it does oversold, so unless we are really breaking down hard, I wouldn’t expect these to stay pink for long.

Short-term breadth flipped the sheet today as buyers showed a little more vigor. This is the action we want to see for the broader markets to come out of this correction. It doesn’t seal the deal, but as mentioned at the top, it’s a good start so far.

Pressure Gauges actually flipped green last Thursday and buying pressure has outpaced selling pressure every day since Thursday in select spots, but today it spread out to much broader participation. A red day there now won’t be a problem, but we need to see the buying pressure stay high and broad to get us over the hump without another leg down. If it doesn’t materialize, it will be a clue to be looking for a little more downside before buyers are enticed enough to step in and stay active. Right now we are still figuring the first step though.

Nice to see this continue to improve. As of right now, Financials look to be moving the best along with some of the defensives still performing. Real Estate is perking up while Staples and Utilities are keeping a bid. Buyers are also showing back up in Consumer Discretionary with some force yesterday.

Lows are disappearing again across most of the market, let’s see if it stays that way or if this lights back up as we come into overhead resistance. If important offensive sectors start showing up here early, it would be a big flag we aren’t ready to emerge yet. I am very much in the middle right here and think we need more information this week from the markets before we can lean either way. If short term, play the bounce, but all of us should be ready for either direction. There are very good arguments on both sides, but price and breadth action can help get an early jump once a decision is made.

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!

Power Snapshots

April 24, 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.

Today was the day we really got some repair work done. Doesn’t mean a new leg has begun, but it added to a good start on Monday. Technology led the day, but isn’t the current leader. Financials are definitely putting in the work. Utilities also continued to make progress in a positive market, so this move might have more staying power than previous attempts by the space to emerge.

Still a lot of 9sma of RSI below 40 which is the Nitrous in reverse, so there is a chance for more meltdowns if buyers don’t continue to come back. As with most momentum indicators, it often spends more time overbought than it does oversold, so unless we are really breaking down hard, I wouldn’t expect these to stay pink for long.

Short-term breadth flipped the sheet today as buyers showed a little more vigor. This is the action we want to see for the broader markets to come out of this correction. It doesn’t seal the deal, but as mentioned at the top, it’s a good start so far.

Pressure Gauges actually flipped green last Thursday and buying pressure has outpaced selling pressure every day since Thursday in select spots, but today it spread out to much broader participation. A red day there now won’t be a problem, but we need to see the buying pressure stay high and broad to get us over the hump without another leg down. If it doesn’t materialize, it will be a clue to be looking for a little more downside before buyers are enticed enough to step in and stay active. Right now we are still figuring the first step though.

Nice to see this continue to improve. As of right now, Financials look to be moving the best along with some of the defensives still performing. Real Estate is perking up while Staples and Utilities are keeping a bid. Buyers are also showing back up in Consumer Discretionary with some force yesterday.

Lows are disappearing again across most of the market, let’s see if it stays that way or if this lights back up as we come into overhead resistance. If important offensive sectors start showing up here early, it would be a big flag we aren’t ready to emerge yet. I am very much in the middle right here and think we need more information this week from the markets before we can lean either way. If short term, play the bounce, but all of us should be ready for either direction. There are very good arguments on both sides, but price and breadth action can help get an early jump once a decision is made.

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!