After a decent sized pullback since the Fed meeting last Thursday, just 16% of S&P 500 stocks remain above their 50-day moving averages.  The 50-day moving average is typically seen as a dividing line for short-term directional trends.  Stocks above their 50-days are uptrending, or at least not downtrending.  Stocks below their 50-days are downtrending, or at least not uptrending.

In terms of sectors, two defensives have the highest percentage of stocks above their 50-days, which is expected in a down market, but not what bulls want to see.  The Consumer Discretionary sector has just barely over 20% of stocks above their 50-days, while Technology’s reading stands at 19.1%.  Health Care, Energy, Materials and Telecom all have readings under 10%.  Not good.

Just 6% of stocks in the S&P 500 are trading more than 2% above their 50-days right now.  Below is a look at this dwindling list, sorted by sector.  A few notables include Amazon.com (AMZN), Nike (NKE), Starbucks (SBUX), Under Armour (UA), Campbell Soup (CPB), UnitedHealth (UNH), Southwest Airlines (LUV), and Adobe (ADBE).

Want more from Bespoke?  Start a 5-day free Bespoke Premium trial today.

Print Friendly, PDF & Email