Percentage of Stocks Above 50-Day Moving Averages

With the S&P 500 moving back above its 50-day moving average, the percentage of stocks in the index above their 50-days is unsurprisingly back above 50% -- 51% to be exact.

But there are still a few sectors that have failed to get this 50-day indicator back above 50%. The Financial sector ranks the worst with just 29% of stocks above their 50-days. Technology, Materials, Utilities and Telecom are the other four sectors that still have less than 50% of stocks above their 50-days.

On the positive side, Energy and Consumer Staples rank the best, with a reading of 73%, followed by Industrials and Health Care at 63%. For this market to break to new highs once again, we'll need to see the Financial and Technology sectors rally back more than they have over the past couple of days.

Comments

[D. Narby:]

Financials led us into this mess, have so far led us out, and since *nothing* has changed in finance, will lead us back into a bigger one.

Energy is being led by oil, which is up (in dollars) more because of dollar devaluation than demand.

Not exactly encouraging for the bulls IMO.

I give us two years before we are forced to push the reset button.

...Debt jubilee, anyone?

Nov 07 11:58 PM