The S&P 500 continued its bounce off of its 50-day moving average today, which picked up underlying breadth quite a bit as well. As things stand now, just over two-thirds (68%) of the stocks in the S&P 500 are currently above their 50-days.
Materials and Energy are the two sectors that have seen the biggest increases in breadth over the past two days. The Energy sector now has 74% of its stocks above their 50-days, while the Materials sector is even stronger with a reading of 84%. Health Care has the second highest reading at 83%. Unfortunately, the biggest sector in the market -- Technology -- still has the lowest reading of them all at 40%.
Looking for new stock ideas? Each week we publish "the Bespoke 50," a list of our favorite growth stocks in the Russell 3,000. To make the list of 50, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke's proprietary fundamental and technical analysis.
The "Bespoke 50" is released on a weekly basis, and in it you'll find the 50 stocks that made the cut, price charts for each of them, and an Excel file that you can download as well.