Power Snapshots – May 22nd, 2024
Power Snapshots – May 22nd, 2024
The reports for our upcoming product launch are now coming together and taking shape. As you can see, the Triple Play charts have been successfully integrated into the Power Snapshots section. This integration provides valuable context and background information before we dive deeper into the Power Snapshots to examine how the high-level activity and performance metrics are broken down and manifested under the hood.
Today’s Highlights:
- Very light volume again, but with weaker breadth than on Monday.
- Consumer Discretionary and Health Care are still struggling and are lighting up pink on any market weakness.
- Utilities are starting to prove they are more than just a defensive safe haven.
The daily charts are separating the large caps from the smalls again today as $SPY and $QQQ finished positive after a flat start. $IWM never quite got there, but closed near the highs of the day. This stall after the breakout is much better than a big failure, just not that exciting while it happens.
The intraday view is still showing strong RSI bull ranges in the $SPY and $QQQ while $IWM is in a different structure, but sill above 50 and a chance for a fresh RSI positive reversal if it can go green sometime this morning. If the weakness persists, we can then watch to see if it holds the RSI bull range test at 40 for a gauge of intraday momentum and trend.
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The Wrap up
With it being a pre-holiday week and a lot of graduations and summer breaks beginning, we are seeing very sparse participation in the form of market volume which is leaking into the breadth a bit. Everyone seems to be waiting for something. Are they waiting for the next shoe to drop or the next opportunity to expose itself? That one question will likely shape your summer trading more than any particular data point. Our goal is to give you the data points to hopefully help shape the second mindset. There is always opportunity in these markets, we just need to pay attention daily for them to find us in a timely manner.
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!
20240523
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