breath is sinking

MLat42

Below we highlight one-year charts of the percentage of stocks above their 50-day moving averages in the S&P 500 and its ten sectors. After coasting along at 80% or higher for a couple of months, the percentage of stocks above their 50-days in the S&P 500 has fallen to 53% in a matter of days. Had we not rallied off the morning lows today to move into positive territory, the percentage would have probably fallen below the 50% threshold for the first time since mid-July. While the S&P 500 as a whole remains above 50%, there are three sectors that currently have less than 50% of stocks trading above their 50-day moving averages -- Industrials (43%), Materials (47%), and Utilities (31%). The Financial sector is currently right at 50%. Constumer Staples has held up the best with a current reading of 71%, while Energy ranks second best at 60%. 50day10-2 Finlindu1002 Inftenrs1002 Condcons1002 Hlthmatr1002 Utiltels1002