Power Snapshots

May 1, 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.

The markets range widened out today, just in the wrong direction. Tuesday flipped back to the selling side quickly and took out a few days of progress. You can see where it bled to the quickest since yesterday didn’t have much pink at all.

Monday gave the appearance of being on the mend and today looked like the downtrend isn’t ready to die. This end of month volatility isn’t that abnormal, but much more will knock this rebound attempt out here a little more than a week in. If that was it and buyers folded that quick at first resistance zones, that is great information; and if buyers can stage comeback before the end of the week and don’t give up much more, also very good information. Unfortunately, it’s hard to say one day is going to give us enough information to make an informed decision, it takes this wrestling back and forth and volatility to get a more informed read.

Green to pink in a day and on higher volume.

This was not very selective when it came to today’s selling. A lot of red on here as most spaces were sold at a high percentage and as mentioned above, it was on higher volume.

There was no expansion on the green shoots we saw in the 10 day new highs to the 21 day new highs, instead they just about all but disappeared today. I joke, but with the selling pressure above, it’s not a surprise there was very little headway made here today.

I was talking about he lack of selling Monday even in select spaces and I expected more. We got most of it today. Utilities went unscathed and surprisingly Health Care didn’t budge after not budging on the way up either. Maybe selling here is finally done after some decent industry news yesterday. Let’s see if the Health Care subsectors can lead any market strength later this week, or if I am too early.

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!