Percentage of Stocks Above 50-Day Moving Averages Back Below 10%

Today's drop to new correction lows has once again put the percentage of stocks in the S&P 500 below the 10% level (currently 7%).  Prior pullbacks during the runup from the March 2009 lows only saw declines in this indicator to around 20-25%, and they didn't stay down there long.  The current correction has seen the indicator remain in the single digits and teens for some time, and the bounce we got two weeks ago didn't take the indicator back above the 50% level.  Clearly we're in a period that's testing the resolve of bulls, and multiple days like today cause more and more bulls to throw in the towel.  As we've been noting in our Bespoke Premium reports, corrections of this magnitude have a hard time not turning into full-fledged bear markets.  Just as rallies beget rallies, declines beget more declines.  As investors/consumers see things getting worse, they tighten their belts even more and sell stocks, which then causes farther declines.  It can turn into a vicious cycle.

Industrials and Energy have the lowest percentage of stocks above their 50-days at just 2% and 3% respectively.  Along with these two sectors, Financials, Technology, Consumer Discretionary, and Utilities all have readings below 10%.  Consumer Staples and Health Care have the highest readings at 15% and 14%.  (Telecom is at 33%, but there are only 9 names in the sector.)

   

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