Only 13% of Tech Stocks Trading Above Their 50-DMAs

Even though the S&P 500 Technology sector has not reached its lows from August, the percentage of stocks in the sector above their 50-day moving averages has reached new lows. Currently, just 13% of Technology stocks are above their 50-DMAs, the lowest level in at least a year. This breadth measure would indicate that the sector has further to go on the downside.