Bulls made a number of attempts to close the market higher today, but in the end, the bears won out, sending the S&P 500 lower for the fourth day in a row. We’ve just sent out our weekly Sector Snapshot to Premium and Institutional members. Please click here to view a sample of the report.
Below are two charts pulled from this week’s Sector Snapshot. The first is a simple trading range screen for the S&P 500 and its ten sectors.
As shown, the S&P 500 has pulled just below its 50-day this week, and eight of ten sectors are below their 50-days as well. Consumer Discretionary and Health Care are the two sectors that remain above their 50-days, but as you can see, they’re fading quickly.
Energy and Consumer Staples have bucked the overall trend and headed higher within their trading ranges this week. Energy is definitely a sector to keep an eye on here as it continues to build a nice base.
Below is a chart showing the percentage of stocks in each sector that are trading above their 50-day moving averages. This is a good long-term breadth indicator, and one-year charts for each sector are included in our Sector Snapshot each week. As shown, 48% of stocks in the S&P 500 are above their 50-days, which is a pretty healthy reading given where the index is in relation to its own 50-day. Four sectors have readings that are better than the S&P 500 as a whole: Health Care, Consumer Discretionary, Financials and Energy. A few months ago the Energy sector was at the bottom of the barrel (pardon the pun) in relation to other sectors, but at the moment it’s acting as a market leader. Utilities, on the other hand, is a market laggard, with just 3.3% of its stocks above their 50-days.
To view the full Sector Snapshot and get our thoughts on this week’s market action, sign up for a 5-day free trial to Bespoke Premium today. You’ll also receive our just-released Bespoke 50 list of top growth stocks along with our Bespoke Report newsletter that’s due out tomorrow. By the end of your free trial period, you’ll see just how unique and actionable our subscriber content is.