Power Snapshots

April 26, 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.

While today was a down day across the board, it wasn’t particularly damaging as many expected it would be in premarket. After a few strong days up, yesterday was the first challenge and buyers held the line pretty well considering how it started.

RSI snapshot shows the markets are still a little vulnerable with a few important sectors having their 9sma of RSI (Nitrous) in the pink. However, we got the bounce to bring CFGs out of oversold territory. From here, it will take a greater level of commitment from buyers to keep this rebound going.

Still mixed here in the short term views. We are seeing selective buying in most sectors, except Health Care. This sector still can’t seem to find any footing being a fairly interest rate sensitive sector. Until we get a bid in bonds and fears fall some on inflation, this may remain a tougher spot, but this selloff is getting a bit stretched and so far it isn’t participating in this bounce. Outside of Energy and Utilities, Industrials and Consumer Discretionary seem like decent spots to dive into right now as they seem to be getting some flow in this rebound.

It was a down day after all. Pressure Gauges flipped back to the sell side today; but again, the selling seemed to be fairly concentrated.

New Highs are still showing more green spaces than the lows are pink. We see many sectors perking. It is nice to see some Consumer Discretionary and Industrial spaces joining in. Energy and Utilities along with Precious Metals specifically in Materials got the most love. Those first two took pretty hard hits in the pullback.

As we already saw earlier, Health Care isn’t bouncing at all yet and is currently the anchor. Chemicals popping in here is new as it has been performing well with the entire sector the last couple of months. Of course, there are always spots that get our attention everyday, but overall there was not that much to conclude from today other than the buyers made an impression after a strong gap down to start the day. Buyers couldn’t turn it green, but I think they held that line well keeping this current rebound attempt in play.

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!