Power Snapshots – May 17th, 2024
Power Snapshots – May 17th, 2024
Markets took a rest today after a strong Wednesday breakout. $SPY and $QQQ put in potential reversal candles (means nothing without follow through), and RISM saw a bearish kicker that almost closed the big gap from Wednesday. This came on lower volume across the board, by a good bit. This is pretty normal action. Now we will see if the buyers can hold the breakout zone.
As mentioned yesterday, the RSI and CFG on the 65 minute view were overbought and in need of some rest. It came and so far RSI is moving down much faster than price. This is a good thing. We can come in to the MA bands or RSI 40 level before much concern sets in. What I will say is most heavy overbought readings like this don’t come at the end of moves. They come more when participants are caught off guard and in the wrong positioning.
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The Wrap up
A break after a run to new highs in the big boys. $IWM didn’t make it yet, but this battle could set it up for next week. Nothing today changed our view of buyers control.
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As always, hope this helps!
20240517
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