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Weak Breadth

As shown in the first chart below, the S&P 500 is currently trading two standard deviations above its 50-day moving average (the top of the red shading).  But this charge higher for the index hasn't been accompanied by a charge higher by all stocks.  The percentage of stocks in the index currently trading above their 50-day moving averages is at 76%, well below the 85%-90% reading reached as the market hit new highs in November.  At least this time around, the rising tide isn't lifting all boats. 


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