Weekend Power Snapshots

April 27, 2024

Let's Start Here

Weekend Power Snapshots compile the daily snapshots to show how the week progressed. It will be part of the elite memberships and sent out each weekend. These quickly show where each segment stands on the long, intermediate and short-term views from breadth and momentum perspectives each day of the week.

Markets rebounded off of last week’s big Marubozu candle. While they didn’t make back more than half of the losses (edited: this was wrong, I meant to say it did and add to the end of the sentence “,but it was on lower volume”), it was decent under the surface and improved as the week went on. There was some battling mid-week, but buyers did a good job holding the line as sellers tried to quash the move on some bad earnings news. It didn’t work this week. By the end of the week, we were back to neutral.

RSI came off oversold and ended the week with a large percentage of the sectors and subsectors back above the Number, but many are still in RSI bear ranges until we see RSI readings back above the 60 level. Notably Health Care is not participating this week and Technology took a few days to get in gear as well.

Short Term breadth started the week rough and ended it pretty strong with some back and forth in the middle, but overall buyers did their jobs to stop the bleeding early.

Buying pressure started the week strong and then lost some luster on Wednesday and Thursday as sellers tried to step up and put some pressure on, but they couldn’t build on their first prominently oversold condition since the rally began in the fall. 

Thursday was the only day that new highs didn’t make progress this week. This space was all green a few weeks ago and now attempting to get its color back. 10 day highs ended the week strong, it just needs to bleed over to the 21 day highs sooner than later.

The only day this week we really saw any progress in new lows was Thursday, and that wasn’t much for a big gap down day. Sellers are going to have to do better than that if they want to push us below the recent lows.

This week did not negate the correction in any way, but it was a good start. We have RSI Positive Reversals across the weekly Triple Play Charts which suggests buyers might have an edge here, but daily progression is still really important here. We want to see the grind on the way up to build on itself which is where we get the saying, escalator up and elevator down. The question is did we hit the relative bottom floor yet or not? Time will tell us in the data.

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As always, I hope this helps!