One of the indicators we track in our weekly Sector Snapshot (sample) available to Bespoke Premium subscribers is the percentage of stocks above their 50-day moving averages. Currently 73% of stocks in the S&P 500 are above their 50-day's, which is a healthy number that confirms underlying strength in the markets.
All 34 of the Energy stocks in the S&P 500 are above their 50-day's, making Energy the only sector with 100% above. The Utilities sector ranks second at 90%, and Materials and Health Care are third and fourth at 82% and 81%. Telecom ranks last at 44%, but it only contains 9 stocks. Financials and the two Consumer sectors are also weak. Only 52% of Consumer Discretionary stocks are above their 50-day moving averages at the moment.
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