• Julie Skye

20% does not a REAL rally make

Looking under the hood of the sharp rally off the March 23 low, neither measures of market breadth nor leadership trends are indicative of a healthy advance. As you can see in the chart below, the percentage of S&P 500 stocks trading above their 200-day moving average remain extremely low at only 20%. That is significantly lower than 70-80% at this point last year (when the S&P was at about the same level as today). You can also see the difference between the move off the December 2018 low and the move off the March 2020 low—in the case of the former, breadth improved even more rapidly than stocks, which is clearly not the case this time. Read more here...

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