Power Snapshots – May 23rd, 2024
Power Snapshots – May 23rd, 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.
After yesterday’s stall, all three gave some back today. Of course, small caps were the anchor and the rest was just jockeying before the $NVDA announcement which went well. $IWM is the only one that looks like a reversal here so far, it’s still well above the rising MA bands with some room to give. $SPY and $QQQ still have a back test that would make sense and cool things off plenty.
Intraday, the $IWM broke the MA Bands and lost the RSI bull range (technically), but can put in a spike with a rebound tomorrow. It is the weakest, so we will watch for its lead, but I think the large caps might have something to say about that. If the AI trade lifts today with NVDA, it is more likely to pull the $IWM with it than it is to turn out the other way around. Two of three are in strong RSI bull ranges; the majority voting block usually wins in the end.
READ MORE HERE:
The Wrap up
We got a sell day. It didn’t effect $SPY and $QQQ much, but pulled in the $IWM and our Power Universe some as well. If we don’t get follow through, it was just a day of profit taking with a little fear mixed in. If we do get follow through, then we see where the money is rotating to. As we always remind ourselves, rotation is the lifeblood of a market trend. As long as the money is rotation within the equity markets via sector and style rotation, we can find opportunity. It is only when it rotates out of the asset class altogether that we should begin to be concerned, and those tend to be big footprints when it does leave.
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
Disclosures
The information contained on this site is provided for general informational purposes, as a convenience to the readers. Power-Investing.com is owned and operated by Flash Publishing and does not make recommendations to buy, sell or hold any securities. The materials are not a substitute for obtaining professional advice from a qualified person, firm or corporation. Consult the appropriate professional advisor for more complete and current information. Power-investing.com does not engage in rendering any legal or professional services by placing these general informational materials on this website.
All the information provided on the site is accurate to the best of our knowledge, however Power-Investing.com specifically disclaims any liability for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with access to or use of the site, even if Power-investing.com has been advised of the possibility of such damages, including liability in connection with mistakes or omissions in, or delays in transmission of, information to or from the user, interruptions in telecommunications connections to the site or viruses.
Power-Investing.com makes no representations or warranties about the accuracy or completeness of the information contained on this website. Any links provided to other external sites are offered as a matter of convenience and in no way are meant to imply that The Company endorses, sponsors, promotes or is affiliated with the owners of or participants in those sites, or endorse any information contained on those sites, unless expressly stated.
G. Thomas Lackey Jr. is a registered investment advisor affiliate with Relativity Capital Advisors, LLC which does provide professional financial services including investment management, financial planning and business consulting for a fee. If you would like to learn more about any of these services please visit us at relativitycap.com and we will be happy to provide more information. Relativity Capital Advisors, LLC and portfolios managed or advised by G. Thomas Lackey Jr. may or may not own securities mentioned on the Power-Investing.com website
