FYI: Entering today, 49.6% of stocks in the S&P 500 were above their 50-day moving averages. Below is a chart highlighting this breadth reading over the last year. As you can see, this indicator has put in a series of lower highs as the year has progressed, which indicates that a smaller and smaller number of stocks are participating in each rally.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/overall-breadth-neutral-financials-sink/
