Weekend Power Snapshots

March 16, 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.

Moving Average Breadth seemed to improve incrementally in the first half of the week before selling set in.

The RSI Snapshot was solid to start the week, but it started tapering on Wednesday when we lost Utilities, then Thursday it was Real Estate, and Friday it was Information Technology. All these on the sector level with subsectors leading those slips. Then you have Energy that continued to strengthen during the week.

Started the week ok, then started to leak a little until the strong down day on Thursday got most spaces. Friday a few tried to get off the mat, but Thursday’s action left many staggering into the weekend.

Pressure Gauges weren’t that active to begin the week other than Materials. Tuesday saw defensives struggling while the rest of the markets seemed fine. Wednesday even saw some buying pressure before getting hit hard on Thursday in reaction to the hot CPI numbers. Friday didn’t get much of a snapback, so we will have to wait until next week to see if it had more to do with a news reaction or if it will usher in a character change for a bit.

New highs came into the week pretty broad and strong and built on that into Wednesday, then all but disappeared into the end of the week with the exception of Materials and Energy (and maybe a few Industrials sprinkled in). They definitely disappeared in Information Technology and Communication Services. Some air may finally be coming out of the big Technology runners and sending a wake through the entire sector.

Looking from this view, Thursday’s character change was aggressive and it bled over into Friday’s options expiration. It starts next week off with more caution than we have seen in a while. We will see if buyers or sellers show up next week.

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!