S&P 500 Sector Cumulative A/D Lines
Thursday, February 23, 2012 at 08:19PM While the S&P 500 finished the day just shy of a closing bull market high on Thursday, the cumulative Advance/Decline (A/D) for the index and most of its ten sectors are currently at or near their peaks since the bull market began in March 2009. Below are one-year cumulative breadth charts for each S&P 500 sector.
As shown in the charts, not only are breadth readings for most sectors at or near new highs, but the A/D lines have also been repeatedly making new highs for the last few weeks. The only two sectors where this is not the case are Telecom Services and Utilities. For Telecom Services, the A/D line has been rising, but it is still below its highs from the middle of last year. Utilities are another story. For that sector, cumulative breadth made a new high right as 2011 was coming to close, but ever since then it is as if someone turned out the lights.
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