In the past few days, the S&P 500 has made a lower high, unable to reclaim its early June highs. While price has not made a push higher, the index’s cumulative A/D line has. The S&P 500’s cumulative A/D line reached its highest level since February 21st on Monday before yesterday’s weak breadth led to a slight drop. As for the individual sectors, Consumer Staples, Financials, Health Care, and Materials are all experiencing the same dynamic in which the cumulative A/D line has made a new high while price has not done the same.
On the other hand, Consumer Discretionary has seen the opposite occur in which price has made a new high, but the cumulative A/D line has not confirmed the move as it sits firmly below its prior highs from early June. As for the other sectors like Technology, Real Estate, and Utilities, these have seen price and breadth moving hand in hand with one another. For Tech, those trends have been upwards while the more defensive Real Estate and Utilities sectors have been trending sideways at best in recent months. Click here to view Bespoke’s premium membership options for our best research available.