Breadth Readings Show Strength Again

After dropping down to the single digits for awhile, the percentage of stocks in the S&P 500 now trading above their 50-day moving averages is at 72%.  Peak readings during short-term rallies are usually around 85%-90%, so there is still a little bit of room to run before this indicator gets overbought.

Telecom, Utilities, and Materials all have more than 90% of stocks trading above their 50-days.  Consumer Staples, Technology, and Industrials all have stronger readings than the overall S&P 500, while Financials is just inline with it at 72%.  Energy, Consumer Discretionary, and Health Care are lagging behind the S&P based on this breadth measure. 

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Comments

[Adam Rogers]

If you look back, it is approaching the aread where we can expect a pull back in the equity markets. The last two times it approached thiese figures we have had a 9%+ correction in the S&P 500. Just a thought.

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