The Kobeissi Letter(@KobeissiLetter):Market breadth is deteriorating again. The percentage of S&P 500 stocks now trading above their 50-day moving average is down to 44%, the lowest since April. This figure has declined -14 percentage points since mid-August. At the same time, the % of S&P 500 stocks trading above their 200-day moving average has dropped -10 points, to 64%, its lowest since June. This comes as the S&P 500 equal-weighted index has fallen -2.9% over this period, while the S&P 500 has declined just -1.4%. The market is increasingly being carried by fewer stocks.

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The Kobeissi Letter@KobeissiLetter

2026.09.21 13:01

Market breadth is deteriorating again. The percentage of S&P 500 stocks now trading above their 50-day moving average is down to 44%, the lowest since April. This figure has declined -14 percentage points since mid-August. At the same time, the % of S&P 500 stocks trading above their 200-day moving average has dropped -10 points, to 64%, its lowest since June. This comes as the S&P 500 equal-weighted index has fallen -2.9% over this period, while the S&P 500 has declined just -1.4%. The market is increasingly being carried by fewer stocks.