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The S&P 500 has had a strong week so far, but it still hasn't managed to get back above its 50-day moving average. But even though the index remains below its 50-day, 54% of the underlying stocks in the index are above their 50-days, which is indicative of a healthy market.

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Breadth within sectors is strong as well. Just three sector indices are above their 50-days, but six sectors have 50% or more of their stocks above their 50-days. Materials, Industrials and Consumer Staples have the highest breadth reading with 71% of their stocks above their 50-days, while Consumer Discretionary, Health Care and Technology are the other three sectors with readings of 50% or higher. Utilities and Telecom -- two defensives -- have the worst breadth readings right now.

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Source: Strong Breadth