Chart of the Day - Tuesday, April 16, 2024
April 16, 2024
🏆 Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge), with special thanks to Willie Delwiche for highlighting (@WillieDelwiche).
- The S&P 500 is only down -3.8% from record highs; however, breadth has deteriorated beneath its surface.
- 🟢 26% of S&P 500 stocks are above both their 50-day and 200-day moving average.
- 🟡 39% are above their 200-DMA but below their 50-DMA.
- 🔴 32% are below both moving averages.
- The % of stocks above both moving averages (green) has plummeted from over 75% to 26% in less than three weeks. Most stocks remain above their 200-DMA but below their 50-DMA.
The takeaway: The traffic light has turned from green to yellow. Most stocks are in limbo, but selling will intensify if more stocks lose their 200-DMA.