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After briefly trading above its 50-day moving average yesterday morning, the S&P 500 is now nearly 1% below its 50-day. Underlying breadth for the index remains strong, however. As shown in the second chart below, 52% of the stocks that make up the S&P 500 are trading above their 50-days.

(click to enlarge)

(click to enlarge)

One of the key sectors contributing to strong breadth is Technology. The S&P 500 Technology sector is nearly 2% below its 50-day moving average, but 57% of the stocks in the sector are above their 50-days. As shown in the charts below, even though the sector has declined for three consecutive trading days, the percentage of stocks in the sector that are trading above their 50-days has actually increased.

Apple obviously makes up a big portion of the S&P 500 Technology sector, so its decline over the last three days has kept the sector below its 50-day. But while Apple has declined since last Friday, stocks like Oracle and Dell have been doing well. Oracle (ORCL) is currently riding a 13-day winning streak, and it hasn't had a down day since November 14th!

Source: Underlying Breadth Remains Strong