Chart of the Day - Friday, January 10, 2025

🏆 Today's Chart of the Day was shared by @GrantHawkridge.
 

• The S&P 500 fell -1.94% this week, closing at its lowest since the election. It's fallen in four of the past five weeks, pulling back a total of -4.3% on a closing basis. 
   
• While the index remains comfortably above its 200-day moving average, more than half of its components are below their 200-DMAs for the first time since November 2023. 
   
• Taking a more detailed look at the damage beneath the surface of the index, Grant points out: 
  
  🟢 11.4% are trending higher, above their 50-DMA and 200-DMA
  🟡 37.2% are above their 200-DMA, but below their 50-DMA
  🔴 46.8% are trending lower, below their 50-DMA and 200-DMA
   

The Takeaway: Breadth continues to deteriorate beneath the surface of the S&P 500.