Chart of the Day - Monday, August 15th, 2022

Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick). Ryan points out that we just got another rare, but bullish breadth thrust last week. As of Friday, over 90% of S&P 500 stocks were above their 50-day moving average. Breadth thrusts, like these, are a sign of broadening participation and momentum. They often occur in the early innings of a new cyclical advance. It's even more constructive that we've gotten several different thrusts in recent weeks. Just a couple of weeks ago, we got the "deGraaf Breadth Thrust." The fact that we've seen a handful of these signals occur within a few weeks of each other increases the likelihood that a new bull market is being born.