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Even after a 3%+ up day for the S&P 500, just 14% of stocks in the index are trading above their 50-day moving averages. Just to get down to the prior lows in this reading over the past year, we'll need to see another gain of 2-3%. After getting so oversold, there is still quite a bit of room to run even before markets get back into the middle of their trading ranges. Energy, Industrials, and Materials are the only remaining sectors with less than 10% of stocks trading above their 50-days. Technology, Consumer Discretionary, and Telecom have the highest breadth readings at the moment.

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Source: S&P 500 and Sector Breadth