Power Snapshots

March 27, 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.

The grind slowed a bit today as markets were mostly flat to down a bit. Nothing to get excited about, but it did chip away some at the readings all the way down the page. That said, this doesn’t look terrible. A few more subsectors falling under the 50% readings for the shorter term moving averages. Longer term readings are still pretty solid, except in Utilities.

The overall structure of RSI readings still leans bullish. The worst readings seem to be in the more defensive spaces still.

Short term breadth measures are leaking again early this week as they have the past few, let’s see if this continues the next two days or if the end of the quarter finishes strong with the trend as things get dressed up.

Pressure gauges are all to the selling side today. Energy finally took a break. It’s not surprising the action was one-sided, that often happens in this space. Here again, other than Energy, the heaviest selling is in defensive spaces on this flattish day.

There was still some buying. Materials and Industrials didn’t relent and the good 4 of 6 in Financials also saw flow. Financials aren’t pointing to broad economy fears with their recent resilience and consistency. Regionals and Thrifts & Mortgage Finance are a little wobbly and will remain that way until interest rates actually start getting cut. 

New Lows snapshot is where things are starting to simmer. Utilities, Real Estate, Telecom are defensives that continue to get ousted every time selling picks up, but that doesn’t mean other sectors won’t join in. Health Care has been a leader and is now coming in some as most of the subsectors continue to pullback and consolidate the big gains. Consumer Discretionary saw a pick up in selling too which we will keep an eye on. After covering it in the Power Sector Review on Monday, we would prefer it not take this too far. Hit the link if you missed it. This is normal action as the jockeying continues into Thursday’s close.

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!