Weekend Power Snapshots

March 29, 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 readings continued to improve yesterday even with the mixed indexes. Small caps gained, but everything faded from the morning highs. $QQQ being the one that was in the red, selling seemed to be more concentrated there. This improvement progressed throughout the week and ended strong.

RSI continues to point to broad momentum. A few more hit the Nitrous yesterday, while Basic Materials CFG crested 100 along with Hotels, Restaurant & Leisure. Positive progression here throughout the week as well.

Short term breadth weakened through Tuesday and then started climbing back to end the week with strong readings. Financials really came to play this week with Regionals and Thrifts & Mortgage Finance kicking it in gear.

Tuesday was the only concerning day when the pink started to spread over the sheet, but Wednesday’s response was loud and clear and the buyers took back over from there.

Highs Snapshot was probably the best depiction of the week. It slowed to a stall on Tuesday, but really came back and accelerated through the end of the week/quarter. No one seemed afraid of going home with this market. It’s almost like they were more worried about being underinvested at the end.

As I mentioned throughout the week, Monday got our attention after a long drought without many new lows, then Tuesday also showed concentrated selling in a few spots; and then they disappeared again. Buyers remain in control other than random raids at this point.

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!