FYI: With the S&P 500 on pace for its eighth straight day of gains, one would expect that just about everything would be in rally mode and above its 50-day moving average (DMA). Looking at the numbers, though, that isn’t the case. The chart below shows a running total of the percentage of S&P 500 Industry Groups that are currently trading above their 50-DMA. As of this morning, just over 70% of the 24 S&P 500 Industry Groups are above that short-term trendline. While that represents a vast majority, with the S&P 500 hitting record highs on what seems like a daily basis, we would expect to see a higher reading. What’s perhaps even more surprising, though, is that the current reading is only slightly below the average reading of 69.6% for all days so far in 2017!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/percentage-of-industry-groups-above-50-dma/
