Currently, 25% of stocks in the S&P 500 are trading above their 50-day moving averages. Even though the Dow is down more during this correction than it was during the August correction on a closing basis, this indicator hasn't gotten nearly as bad. On August 16th, just 8% of the stocks in the S&P 500 were above their 50-days. Let's hope we don't get back to those levels again.
On a sector basis, Telecom, Consumer Discretionary and Technology have the lowest percentage of stocks trading above their 50-day moving averages. Surprisingly, Financials don't rank in the bottom three. Flight to quality sectors are holding up the best. Utilities have 52% trading above their 50-days, followed by Consumer Staples (41%) and Health Care (37%).