The S&P 500 has bounced back above its 50-day moving average today after suffering an extreme decline yesterday where it went from being just under overbought to below its 50-day. Unfortunately, underlying breadth hasn't bounced as much as the market itself today. As shown below, just 38% of stocks in the S&P are currently trading above their 50-days. Technology, Financials and Industrials are the weak links right now. Ironically, the two sectors that are helping out the market the most right now are Energy and Consumer Discretionary, which are supposed to counter each other. Both of these sectors have more than 50% of their stocks trading above their 50-days.
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