The percentage of S&P 500 stocks trading above their 50-day moving averages has finally moved off of the zero level. The current level of 12% seems like happy days are here again, even though it's still right around the levels seen during prior lows this year. The Utilities sector has the highest percentage of stocks above their 50-days at 34%. Telecom and Energy rank 2nd and 3rd at 22% and 20%. The Technology sector currently has the lowest reading at 4%. To access these breadth charts on a regular basis along with our several other sector indicators, subscribe to Bespoke Premium today.
The tech lag might be suggesting any strong rally over days ahead, continuing last Thursday's reversal higher, probably will be met with another round of selling, serving to retest last Thursday's low...
Posted by: Tom Chechatka | November 27, 2008 at 08:05 PM