Chart of the Day - Friday, July 14, 2023

Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). It was another positive week for stocks, with the S&P 500 rising +2.42% to a new 52-week high. Skeptics of this rally frequently claim that the S&P 500 is being propped up by "a handful of Mega Cap stocks." Leadership was getting pretty narrow, but the rally has broadened in recent weeks as more stocks have begun to participate. Willie points out that the Median S&P 500 Stock (orange) has been outpacing the S&P 500 (blue) since the end of May. This breadth improvement further invalidates the bear case for Stocks and supports continued upside in the coming months.