Chart of the Day - Monday, July 24, 2023

Today’s Chart of the Day was shared by Jurrien Timmer (@TimmerFidelity). The Equal Weight S&P 500 is less than 1% away from joining the new 52-week high club as it attempts to clear its February peak. Jurrien points out that the Equal-Weight index has retraced over two-thirds of its decline as it builds a base within a primary uptrend. Equal-Weight was lagging by a wide margin in the Spring, and it still is. But the fact that it's on the verge of new 52-week highs speaks to the breadth expansion we've had in recent months. More and more stocks are participating, and it's not "just a handful of Mega-Caps doing all the work."