Chart of the Day - Wednesday, January 11th, 2023

Today’s Chart of the Day was shared by David Keller (@DKellerCMT). The S&P 500 reclaimed its 50-day moving average yesterday, and it's less than 1% below its 200-day moving average. David points out that the index is stronger internally than it is on the surface. As of today's close, more than 76% of stocks within the S&P 500 are above their 50-day moving averages, and more than 65% of stocks are above their 200-day moving averages. David adds that readings above 50% are generally associated with bullish phases for the S&P 500.