50-DMAs In The Rearview

With equities continuing to rally, more and more stocks have been moving above their 50-DMAs. As of yesterday’s close, 81.78% of stocks in the S&P 500 closed above their 50-DMAs. That is the highest reading since January 17th of this year. That’s a pretty impressive reading. For example, even at the February 19th all-time high the reading wasn’t this high! As for the individual sectors, Consumer Discretionary, Health Care, Financials, Industrials, Real Estate, Technology, and Utilities are all at their highest level by this measure since the start of the bear market. While not necessarily at new highs, the other sectors are similarly around some of their strongest readings of the past few months.

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For most of the new bull market, Health Care has been a leader in having the largest share of stocks above their 50-DMAs. The current reading for the sector remains at an impressive 98%. Meanwhile, one market leader and one market laggard, Technology and Energy, also boast more than 90% of stocks above their 50-DMAs.On the other end of the spectrum, Real Estate is the only group with less than half of its stocks below their 50-DMA. Utilities is similarly weak with only a little more than half of its components above their respective moving averages. Rounding out the bottom three, Financials is the only other sector with less than three-quarters of its stocks above its moving averages.  

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