Power Snapshots – May 16th, 2024
Power Snapshots – May 16th, 2024
After the outage, we have one more blank day to work through and the Snapshot will be back whole.
The Triple Play daily chart saw potential breakaway gaps in $SPY and $QQQ as RSI moves up and away from 60 solidifying the RSI bull ranges. $SPY went on Nitrous today and $QQQ and $IWM are not far behind. $IWM is the only one not in new 52wk closing highs yet, but it’s working on it. All of this on higher volume the last two days as we negotiate the highs.
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The Wrap up
It is hard to read the very first paragraph and not come away with good vibes about the markets. The Triple Play charts are hard to find fault in right now. That can change in an instant, well actually a few instants, but it can change quickly. We will be here when it does. For now, buyers are showing complete control, even on small opening gap downs and intraday dips. Even with this action, I think there is enough disbelief out there right now that this can continue until that disbelief turns into FOMO. A breakaway gap is the definition of buyer strength, but only if it holds the next few days.
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As always, hope this helps!
20240516
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