Power Snapshots – May 21st, 2024
Power Snapshots – May 21st, 2024
The Reports are coming together now as we come up on our launch. As you can see, the Triple Play charts have found a home in the Power Snapshots. This gives us some context before we go into the Power Snapshots to see how that high level action breaks down under the hood.
Today’s Highlights:
- Monday was an up day across the board, but some selling did creep in.
- Consumer Discretionary and Consumer Staples subsectors saw new lows perk up.
- Precious Metals stands out as we scan through the views.
Major indexes opened the week with gains, but on some of the lowest volume of the year. It’s still up. The RSI bull ranges are extending and $IWM CFG has the potential to roll into a Positive Reversal if we get another up day soon.
The intraday view is still cranking along in the RSI bull range and currently $SPY and $QQQ are playing above the 60 level showing strong momentum. $IWM isn’t as strong, but still high in an RSI bull range. It certainly has a lot more of a battle between buyers and sellers keeping the momentum in check, but so far the buyers continue to come out on top. Divergences on this level are present across all three, so the retest scenario is still on the table this week or next. If so, we still think it will be a short detour.
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The Wrap up
Monday was an up day with some rotation going on under the hood. It is not a worry as of now since we are still in the time zone for a retest of the breakout. It may or may not happen, but a lower volume holiday week can bring with it increased volatility if one side decides to push. This is short term detail and positioning for now under the broad view that the markets are resuming a strong trend higher.
This information is for educational purposes only and is not a recommendation. Please see the full disclosure in the footer.
As always, hope this helps!
20240521
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