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As shown below, the percentage of stocks above their 50-day moving averages in the S&P 500 has dropped to 35%. This is the lowest level seen since mid-2009. Clearly breadth has gotten weak on this pullback. No sectors have more than 50% of stocks above their 50-days, and Consumer Discretionary has the highest reading at 48%. Materials is the weakest sector with a reading of 10%.

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Spx50day12810
Finlindu12810
Inftenrs12810

Condcons12810

Utiltels12810

Hlthmatr12810

Source: Percentage of Stocks Above 50-Day Moving Averages