Market Breadth Gets Much Better
Friday, July 17, 2009 at 08:01AM After declining to just 25% last week, the percentage of S&P 500 stocks trading above their 50-day moving averages has spiked to 67% this week. Four up days for a gain of nearly 8% will do that! Consumer Discretionary has seen the biggest spike in this indicator. It was in the mid-teens last week but has risen all the way up to its current level of 72%. Materials, Financials, and Industrials also saw big spikes this week. Technology, Consumer Staples, and Utilities currently have the highest percentage of stocks above their 50-days -- all with readings above 80%. Energy continues to be the weakest sector at just 33% (Telecom is at 11% but there are only 9 stocks in the sector).
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