Below is a chart that shows how far stocks in the S&P 500 and each sector are trading below their 52-week highs.  In the S&P 500 as a whole, the average stock is currently 19.4% below its 52-week high.  Four sectors have readings below this level — Telecom (-22%), Consumer Discretionary (-22.2%), Materials (-24.5%) and Energy (-42.5%).  Energy is obviously the big standout in the chart, but the Consumer Discretionary sector is probably the most notable.  Remember, because of Amazon’s huge gains this year, the Consumer Discretionary sector (cap-weighted) is actually up more than 5% year-to-date.  But under the surface the sector has been much weaker.


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