Hickey and Walters (Bespoke) submit: Below we provide our charts showing the percentage of stocks in the S&P 500 (SPY) and its ten sectors that are trading above their 50-day moving averages.
For the entire S&P 500, 74% of stocks in the index are currently trading above their 50-days. This is a huge recovery from where things stood just two weeks ago, but the reading still has plenty of work to do before it turns bullish.
During the last rally in stocks from December through mid-February, we noted numerous times that underlying breadth was weak. This can be seen below as the percentage of stocks above their 50-days failed to get as high as it did during prior rallies in
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