FYI: The S&P 500 is holding up relatively well today given that the economy printed its weakest monthly jobs reading versus expectations since January 2014. Below is a look at S&P 500 sector breadth levels as measured by the percentage of stocks trading above their 50-day moving averages.
As of this afternoon, 65% of stocks in the S&P 500 are trading above their 50-days, which is a solid reading. Sectors where breadth is strongest include Utilities, Energy, Financials and Health Care. While the Financial sector still has a stronger reading than the S&P 500 as a whole, its breadth was much stronger prior to today’s jobs number. The weak employment number has pushed rate-hike estimates further out, and Financials had been performing well due to increased hawkishness from the Fed prior to today
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/sp-500-sector-breadth-levels-3/
