FYI: Even with all the rotation we have seen in equity prices over the last couple of weeks, the S&P 500 still managed to close at an all-time high on Friday and is just half of a percent below its intraday record high. Following all the relatively big swings (up and down) in various groups, there’s been a lot of movement in where the S&P 500’s industry groups stand relative to their 50-DMA. As shown in the table below, practically every industry group closed last week above its 50-DMA. Leading the way higher, Food & Staples Retail, Transportation, Retailing, and Banks are all at least 6% above their 50-DMAs, while the only two groups below their 50-DMAs are Drugs and Biotech and Semis. These two groups are also less than 1% below their 50-DMAs, so all in all breadth is really strong. YTD market performance has also been strong this year, as the only two industry groups in the red are Telecom Services (-10.5%) — which is made up of just three stocks — and Energy (-8.1%).
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/sp-500-industry-group-breadth/
