Power Snapshots

April 4, 2024

Let's Start Here

Daily Power Snapshots are a new morning review of the sector and subsector data spreadsheets that we post from time to time. This 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 down, quickly rallied into mid-day only to give a chunk up into the close. But, they all ended in the green and didn’t print a third down day. Strength today and Friday to end the week would complete the recent pattern and keep buyers with a slight edge and sellers frustrated. The sheets are getting a bit more mixed as far as how subsectors are holding up in this choppy environment.

RSI snapshot still showing a lot of positive action in the sectors that are already strong; Energy, Materials, Industrials and Financials, the current usual suspects. We definitely see leaking in others, many of which do lean defensive.

Short term measures are getting pretty bifurcated. Consumer sectors are starting to feel a little heat from the idea of higher interest rates for longer. Of the two, Consumer Staples just can’t seem to take advantage of the rest of the markets pullback; I guess my coverage this week didn’t help much. In reality, it’s another piece of evidence that when buyers push right now they have a theme, and its commodities and the industries that serve them.

Other than the already spoken about themes, Communication Services seems to have stopped being the current whipping boy, but it’s only been a day or two. Let’s watch and see if it starts to get more attention now that it has been out of favor for a month or so.

Concentrated.

Not so concentrated.  The Lows sheet showing more red staying on the screen this time as buyers return. It was just the first day, so it may dissipate by the end of the week. It needs to or it’s a small change of character we take note of.

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!