As of mid-day, the only sector that is not down over 2% is Consumer Staples, and even that defensive sector is down over 1.5%. As a result of the big declines across the market recently, there has been a notable drop in the percentage of stocks trading above their moving averages. Just a little over a week ago, over half of S&P 500 stocks traded above their 50-DMAs. Today, that reading is closer to a quarter of the index. As for the individual sectors, the readings for Consumer Discretionary, Real Estate, and Technology have fallen into single digits. One area that is holding up remarkably well is Energy with over 90% of its stocks above their 50-DMAs. Consumer Staples is the only other sector with more than three-quarters of its stocks above their 50-DMAs.
The readings with regards to the longer-term 200-DMA have held up better. 41% of the S&P 500 is above their 200-DMAs, but that too is down considerably versus the start of the year when three-quarters of the index was above their moving averages. Once again, Energy stands out with a far healthier reading at 90.5%, but that is actually the first sub-100% reading for Energy since January 6th. Real Estate, Financials, Consumer Staples, and Utilities have the next strongest readings. Click here to view Bespoke’s premium membership options.