After a few days of down and sideways trading, the percentage of stocks in the S&P 500 trading above their 50-day moving averages has fallen from 90% to 81%. The only question now is whether or not the indicator will continue to roll over like it did back in April/May.
We've seen some divergence amongst sectors in recent days as well. While sectors like Consumer Staples, Health Care, Utilities, Materials, and Industrials have seen a drop in the percentage of stocks above their 50-days, the reading for the Technology and Energy sectors has remained very strong.
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