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As of this morning, 88% of S&P 500 companies are trading above their 50-day moving averages. This is a very high reading, but it's not quite as high as the reading we saw back in January.

(click to enlarge)Looking at the ten major sectors, the Consumer Discretionary has the highest percentage of stocks above their 50-days at 99%. Only one more percentage point to go! Financials ranks a close second at 98%, followed by Consumer Staples (90%), Industrials (87%) and Health Care (87%). Energy has the lowest reading at 77%, but 77% is obviously not a weak reading. And while 87% of Utilities stocks are above their 50-days, the reading has been falling instead of rising over the last week or so. Utilities are down once again this morning as investors shift out of high dividend paying defensive stocks.

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Source: S&P 500 Sector Breadth Levels