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As shown below, the percentage of stocks in the S&P 500 above their 50-day moving averages is at its lowest level of the current bull market. This means there is no longer a support level for the indicator unless you go back to the March lows. During the bear market, this indicator got very close to zero percent, and you can't get any lower than that. On a longer-term basis, however, the current level is in extreme oversold territory. The Materials sector has just gotten crushed lately, and only 3% of stocks in the sector are above their 50-day moving averages. Technology is faring just a bit better at 8%.

Source: Percentage of Stocks Above 50-Day Moving Averages