Power Snapshots

April 30, 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 started on Monday with fairly narrow range days that closed on the highs after some intraday back and forth. Moving Average Snapshots are still cleaning up and working their way back higher with the last few day’s action. Utilities do have a large percentage (of a low number of components) above their respective moving averages. It was back to underperforming last week with a rough Friday, but it put in a counter attack candle and closed back near the highs of the move. We will see how it performs relatively this week, especially if markets get some challenge at resistance just above.

RSIs are on the mend and subsectors are moving back in trend above the Number which is the middle line of our MA bands on the charts. Health Care continues to be the anchor and is having a hard time lifting much.

Participation looks good on a percentage basis in the short term, but we need to place that in the context of volume falling as we move higher. This does provide some caution as contracting volume which we don’t love, but price is the ultimate arbiter, so until it starts reacting the volume remains a secondary indicator, but still needs to be viewed in context with breadth work overall.

Buying across a lot of the market with heavier pressure in selective spaces. Friday actually leaned to the defensive side a bit with Utilities and Real Estate getting some of the heavier buying pressure for the day.

Highs are perking up well, but still more concentrated on the 10 day measures in most subsectors, but all of them are making moves here and we are about 7 days into this move. The next step would be looking for the subsectors to start spilling over into the 21 day highs. Commodity spaces continue to lead here, but are seeing subsectors in Financials, Industrials, Consumer Discretionary and even Utilities are tagging along here early.

Finally, the new lows are dissipating quickly again. This leans to the bull as I would have expected more spots of selling in selected areas where we were seeing a larger deterioration.  I think we should keep all this in context of a so far fairly mild pullback that is trying to decide if we have had enough or not just yet.

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!