While the market may seem to be on shaky ground here, breadth remains fairly strong. As shown below, two-thirds of the stocks in the S&P 500 remain above their 50-day moving averages, which is a healthy reading. It's not hot enough to suggest an immediate pullback, but it's still well above the 50% mark.
Even better is that the cyclical sectors have much better breadth readings than the defensives. Financials, Technology, Industrials and Consumer Discretionary all have more than 70% of their stocks trading above their 50-days, while it's sectors like Consumer Staples (44%), Telecom (29%) and Utilities (3%) that are weighing the market down.