After registering gains for five weeks in a row, there are now 84% of stocks in the S&P 500 trading above their 50-day moving averages. As shown below, this is the highest level over the last year. And six of the ten S&P 500 sectors have more than 90% of their stocks above their 50-days. Materials and Telecom are at 100%, while the Financial sector ranks third at 97%. Technology and Consumer Discretionary are at 95%, and Industrials is at 93%. Health Care has the second weakest breadth reading at the moment with only 51% of its stocks above their 50-days. And the most defensive sector in the market -- Utilities -- also has the smallest number of stocks abover their 50-days at 49%.
Could we have the 200 DMA precentage please,maybe 100 too . thx Paul
Posted by: dj | April 13, 2009 at 11:02 AM
I understand you don't usually add commentary but what are we supposed to do with this data? Does 90% over 50-day MA imply overbought and a reversion to some mean, like 50% over or does it indicate the Market's in the better health than any time in past year.?
Posted by: Guru | April 13, 2009 at 08:07 PM