Below we highlight the percentage of stocks above their 50-day moving averages for the S&P 500 and its ten sectors. Currently, just 17% of stocks in the S&P 500 are above their 50-days, which is just about as low as breadth has been during the prior lows seen back in August, January and March. Eleven percent of Industrials and Materials stocks, 8% of Consumer Discretionary stocks, and just 3% of Financial stocks are above their 50-days. Those looking to sell, sell, sell this market may want to wait for these oversold levels to at least move back to neutral territory.
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