FYI: The S&P 500 is sitting nicely above its 50-day moving average, but it’s still struggling to test and take out its all-time highs that were reached on March 2nd. One sector that has really seen breadth explode higher is Energy, which up until recently was a cellar dweller. As shown in the chart below, 90.2% of stocks in the Energy sector are currently trading above their 50-days. This is nearly ten percentage points higher than the next strongest sector, which is Health Care at 81.1%. Consumer Discretionary and Consumer Staples are the two other sectors with breadth readings that are better than average.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/energy-now-leading-the-way-on-breadth/
