Percentage of Stocks Above 50-Day Moving Averages (10/2/08)

Market internals are currently at levels typically followed by short-term rallies.  As of yesterday's close, just 11% of stocks in the S&P 500 were above their 50-day moving averages.  As shown in the chart below, this low of a reading has only happened a couple other times this year, and it did not last long.

On a sector basis, three currently have no stocks above their 50-days -- Industrials, Energy and Telecom.  Technology is at 3%, Health Care is at 4%, and the Materials sector is at 7%.  The Consumer Staples sector is the healthiest at 34%.

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