The S&P 500 is currently just above its 50-day moving average, but less than 50% of the stocks in the index are above their 50-day moving averages. The reading is currently at 49%.
The ten S&P 500 sectors have very different breadth readings at the moment (click on all charts to enlarge). Ninety four percent of Utilities stocks are above their 50-days, which is by far the highest reading of all sectors. The Telecom sector ranks second at 78%, and the Consumer Staples sector ranks third at 63%. The fact that three defensive sectors currently have the best breadth readings has to be a bit concerning for bulls. The Technology and Materials sectors are both at 59%, and Financials, Industrials, Energy, Health Care, and Consumer Discretionary are all below 50%. The Consumer Discretionary sector has the weakest breadth reading at the moment with just 25% of its stocks above their 50-days. Prior to the correction, Consumer Discretionary was a market leader, but now it's bringing up the rear.