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“Being very early and being wrong look exactly the same 99% of the time.” – Seth Klarman

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

As shown below, the S&P 500 was sitting slightly in overbought territory heading into the trading day yesterday, but it finished below its 50-day moving average.

An already oversold 10-day advance/decline (A/D) line for the S&P got even more oversold yesterday with just 19 stocks in the index up on the day versus 483 that were down.  Yesterday’s negative breadth extended the streak of days with more decliners than advancers to 13 straight; a record losing streak since 1990.

As shown below, the 10-day A/D line is now the most oversold it’s been since the bear market lows in October 2022.