Percentage of Stocks Above 50-Day Moving Averages
With the market falling 5% over the last few days, we wanted to check in on a common breadth indicator that tracks the percentage of stocks trading above their 50-day moving averages. Currently, 82% of stocks in the S&P 500 are still trading above their 50-days, which is still higher than the peak readings we saw during prior rallies over the last year. On a sector basis, readings have fallen off the most in Tech, Consumer Discretionary, Utilities, and Financials. Health Care has actually seen its reading increase up to 87% over the last few days as investors rotate from cyclicals to defensives.
Source: Bespoken Research