Power Snapshots

May 15, 2024

The Triple Play Daily chart has $SPY at new highs, $QQQ knocking on the door and $IWM still a bit below. All have RSIs over 60 now, but they do need to move away from the line for comfort. I dropped the TP 65 minute chart below today to see how things are setup. 

After the outage, we will have to work through a couple of blank days this week. 

The 65 minute chart is showing strong RSI bull ranges, on Nitrous, with fresh Positive Reversals above the 60 level. Strong action. $IWM got its positive reversal yesterday as it has wanted to lead the last few days, and was until the afternoon run in the large caps indexes. This level isn’t showing any issues yet either.

About the same, but some improvement in offensive areas today. Most all subsectors seem to be chugging along.

More subsectors going on Nitrous and seeing RSI bull range shifts and strong/overbought CFGs are multiplying.

New highs continues to stay elevated, and the MAs are joining now as we try to break out in the broader Power Universe.

The Pressure Gauges did show some targeted selling today. Energy took the brunt of the selling with some in Consumer Discretionary spaces. Consumer Discretionary is mixed right now with these spaces selling while other subsectors are showing leadership on the day.

It is nice to see buying pressure finally spreading back to the more growth or offensive sectors and subsectors. A piece of the puzzle we need to see sooner than later. Even seeing a lot of green in the 253 day highs column at today’s close.

Back to tumbleweeds, it would be nice if it stayed that way until we are looking back at the breakout level. The lack of new lows much at all during the rebound attempt was a good clue to underlying strength or staying power of the move.

The Wrap up

Today was another back and forth day, but this time the buyers didn’t let the sellers bring them down. The new highs today were strong and across all the time measures and really all the snapshots point to participation continuing to progress well and face selling challenges as needed. Let’s see if we can build on this the rest of this OpEx week, or will we get hit with some volatility to close out? I think we have the underlying buyer support to breakout here soon, even if not this week.

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As always, I hope this helps!