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For a recap of the latest on the coronavirus, trading in Asian and European markets, and a recap of the latest earnings and economic data out of Europe check out today’s Morning Lineup.
The S&P 500 closed at another record high yesterday, so we wanted to take this opportunity to provide an update on market breadth in terms of S&P 500 industry groups. As of yesterday’s close, 79.2% of the 24 groups were above their 50-DMA which isn’t an especially strong reading for a market at record highs. One caveat here, though, is that three of the five industry groups below their 50-DMA are within 1% of that level (Telecom Services, Banks, and Food & Staples Retail), so those three could easily top their 50-DMA with just one good market day. The only other two groups below their 50-DMAs are Energy and Autos which are both more than 5% below their respective levels.