Power Snapshots

May 2, 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.

After yesterday’s action, today really didn’t feel like follow through even with $SPY and $QQQ down on the day. $IWM put up a small green after the big FED rollercoaster afternoon.

Some slight improvement here and through a lot of the snapshots with smaller names doing okay.

Short Term breadth measures are a lot more bifurcated with Energy getting a little of the selling action at this juncture after holding up very well as other spaces sold off. Real Estate, Health Care and the recent energizer bunny which is the Utilities sector. It may finally work as a defensive play in this market.

Pretty clear where the pressure was on either side. Utilities stand out, but let’s not forget it is a small component count sector, so extremes are more common. Regional Banks on the other hand is bigger than the whole Utilities sector, so high 90% readings is a bigger deal here.

A few popped back up today after yesterday’s clearing of the deck. Utilities are in demand.

This kind of mix in the las two spaces is more what we would expect a correction to look like. Nibbling on both sides, but more color on the losers. It wasn’t a big day for information from the data, other than no big follow through came from Tuesday’s selling efforts.

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!