The percentage of stocks in the S&P 500 above their 50-day moving averages dropped below 50% after Friday's declines. Fortunately, the indicator showed strength throughout the run-up in the index from the August lows to the October 9th highs.
On a sector basis, Financials are the weakest with just 28% of stocks in the sector above their 50-day's. Consumer Discretionay and Utilities are two other sectors showing weakness. Sectors holding up the best are Technology, Materials and Energy.
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