S&P 500 Internals - Past Year
3100 3300 3500 3700 3900 4100 4300 4500 4700
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-6 -4 -2 0 2 4 6 8
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-5 5 15 25 35 45 55
10/20 1/21 4/21 7/21 10/21
Net % of Stocks At 52-Week Highs
24 26 28 30 32 34
10/20 1/21 4/21 7/21 10/21
PE Ratio 14000
14400 14800 15200 15600 16000 16400
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line -30
-20 -10 0 10 20 30 40
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
After declines throughout September and the first half of October, the S&P 500 has finally re- versed higher with today’s 1.65% gain being a big part of that. The S&P 500 is on the verge of moving back above its 50-DMA and is now green over the past five days. Not only that, but the past month and a half’s downtrend has now been broken.
Breadth has generally improved as well, and like price, today’s session alone is playing a major role in that recovery in breadth. Today’s session is on pace to finish as an all-or-nothing day (net breadth of (+/-400); the first positive all or nothing day since July 9th.
In addition, the percentage of stocks above their 50 and 200-DMAs have both been recovering alongside the number of stocks hitting new 52-week highs.
Index/Sector 5-Day % Chg Current 1 Wk Ago
S&P 500 0.81 N N
Cons Discret. 1.37 OB N
Cons Staples 1.25 N OS
Energy 3.56 OB OB
Financials 0.08 OB OB
Health Care -0.11 OS OS
Industrials 0.90 N N
Materials 2.81 N N
Technology 1.28 N N
Comm. Svcs -0.57 N N
Utilities 1.03 N OS
Circle represents current level.
Tail represents where index was one week ago.
OS N OB
Sector Prices vs Trading Range
Communication Services Sector Internals - Past Year
180 200 220 240 260 280 300
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-40 -30 -20 -10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-6 -3 0 3 6 9 12
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
14750 15250 15750 16250 16750
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-6 -4 -2 0 2 4 6 8 10 12
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
0 10 20 30
40
Net % of Stocks At 52-Week Highs
25 27 29 31
33
P/E Ratio
• Most of the market has turned around, but Communication Services stocks have been lagging behind to a degree. The sector is down 0.57% over the past five days, although, it has come out of oversold territory.
• Breadth as measured by the 10-day advance decline line continues to fluctuate between posi- tive and negative readings; none of which reached extreme levels.
• The percentage of stocks above their 50 and 200-DMAs have also been relatively stable recent-
ly. Currently, just over half of the stocks in the sector are above their long term moving aver-
ages, and just under half are above their 50-DMAs.
Consumer Discretionary Sector Internals - Past Year
1100 1200 1300 1400 1500
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-50 -40 -30 -20 -10 0 10 20 30 40
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-8 -6 -4 -2 0 2 4 6 8
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
5300 5600 5900 6200 6500 6800 7100
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-16 -12 -8 -4 0 4
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
Net % of Stocks At 52-Week Highs
35 40 45 50 55 60 65
10/20 1/21 4/21 7/21 10/21
PE Ratio
• Consumer Discretionary is making a bid at breaking out of its pattern of consolidation that has been in place since the summer.
• Today the sector is three-quarters of one percent below its 52-week high set on July 26th as it also reenters overbought territory for the first time since September 27th.
• While price has not yet broken out, on a relative basis to the S&P 500 the past year’s down- trend has broken.
• The percentage of stocks above their 50-DMAs has also made a solid move higher and moved
back above 50%.
Consumer Staples Sector Internals - Past Year
600 630 660 690 720 750 780
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-50 -40 -30 -20 -10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-6 -4 -2 0 2 4 6 8
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
21200 21500 21800 22100 22400 22700 23000
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-20 -15 -10 -5 0 5
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-10 -5 0 5 10 15 20 25
30
Net % of Stocks At 52-Week Highs
21 22 23
24
PE Ratio
• Consumer Staples was one of the most oversold sectors this time last week, but the 1.25% rally over the past five days has left it right below its 50-DMA.
• While the sector still needs to rally another 0.26% to move back above its 50-day for the first time since September 16th, short term breadth has run hot.
• The 10-day advance decline has moved back into overbought territory for the first time since late August.
• While the percentage of stocks above their moving averages has recovered slightly, there has
yet to be a positive reading in net new highs.
Energy Sector Internals - Past Year
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
12 32 52 72 92 112 132
10/20 1/21 4/21 7/21 10/21
P/E Ratio
190220 250 280 310 340 370 400 430 460
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-60 -40 -20 0 20 40 60
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-20 -10 0 10 20 30
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
7800 8200 8600 9000 9400
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-10 0 10 20 30 40 50 60 70
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-20 0 20 40 60 80
10/20 1/21 4/21 7/21 10/21
Net % of Stocks At 52-Week Highs
Negative Earnings
• Energy continues to dramatically outperform with the sector adding on another 3.5% rally over the past five days.
• Given the rally has hardly slowed, the Energy sector is on pace today to finish over two stand- ard deviations above its 50-DMA for the fifteenth day in a row.
• Going back to 1990, there have only been two other stretches of extreme overbought streaks that lasted for longer: January 2018 (18 sessions long) and February 2005 (19 sessions long).
• Not only has the sector consistently been overbought, but 100% of stocks are above their mov-
ing averages.
Financials Sector Internals - Past Year
360 400 440 480 520 560 600 640 680
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-40 -20 0 20 40 60
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Lines
-10 -5 0 5 10 15
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
18600 19100 19600 20100 20600 21100 21600
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-4 0 4 8 12 16 20 24 28 32
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
10 30 50 70
90
Net % of Stocks At 52-Week Highs
14 16 18 20
22
PE Ratio
• Financials are yet another sector that is eyeing a breakout from the highs that have repeatedly been tested throughout the summer and into this fall.
• Although it is fairly flat over the past week, today the sector has come within half of one per- cent of its 52-week high.
• While Financials are one of three sectors that are overbought at the moment, breadth is not yet at an extreme as measured by the 10-day advance decline line.
• Over 90% of the stocks in the sector are above their 200-DMAs, and while a quarter of the sec-
tor still needs to take out their 50-DMAs.
Health Care Sector Internals - Past Year
1150 1250 1350 1450 1550 1650
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-32 -24 -16 -8 0 8 16 24 32 40
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Lines
-8 -6 -4 -2 0 2 4 6 8
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
18000 18400 18800 19200 19600 20000 20400
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-10 -8 -6 -4 -2 0 2 4
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
Net % of Stocks At 52-Week Highs
20 21 22 23 24 25
10/20 1/21 4/21 7/21 10/21
PE Ratio
• Health Care has been one of the most beaten down sectors.
• Health Care stocks have fallen 6.7% from the September 3rd 52-week high. No other sector is down by as wide of a degree from its respective high.
• Additionally, it is the only sector that currently trades a full standard deviation below its 50- DMA.
• Breadth has also been atrocious but recovered slightly in recent days.
• The 10-day AD line is deeply negative but off of oversold levels while the percentage of stocks
above their 50-day is the lowest of any sector at 18.75%.
Industrials Sector Internals - Past Year
575 625 675 725 775 825 875 925
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-40 -30 -20 -10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Lines
-6 -3 0 3 6 9 12
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
15500 16000 16500 17000 17500 18000
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-4 0 4 8 12
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
10 20 30 40 50 60
70
Net % of Stocks At 52-Week Highs
33 38 43 48 53
58
PE Ratio
• For most of 2021, the Industrials sector has been stuck trending sideways. Throughout Sep- tember and the first half of October, Industrials were testing the low end of that range, and outside of a couple of pump fakes, it has appeared to have held up at that support.
• The cumulative AD line has also held up at support at the low end of its range as short term breadth has moved back into positive territory.
• With a 0.9% gain in the past five days, the Industrials sector is currently right below its 50- DMA.
• While the sector has yet to move above its moving average, there has been a pick up in the
percentage of the sector’s stocks above their own 50-DMAs.
• The Materials sector has also recently held up at support, but it has yet to move above the lower highs set in the late summer.
• With that said, Materials have been the second best performing sector in the past five days with a 2.81% gain.
• Additionally, at a sector level the index has retaken its 50-DMA.
• Many individual stocks in the sector have done the same. The percentage of stocks above their 50-DMAs has more than doubled since yesterday.
• The cumulative AD line has also held up at the low end of its recent range.
Materials Sector Internals - Past Year
375 400 425 450 475 500 525 550 575
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-45 -30 -15 0 15 30 45 60
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-10 -5 0 5 10 15
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
9500 9800 10100 10400 10700 11000 11300 11600
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-6 -3 0 3 6 9 12 15
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-20 0 20 40 60
80
Net % of Stocks At 52-Week Highs
20 22 24 26 28 30 32
34
PE Ratio
Real Estate Sector Internals - Past Year
200 220 240 260 280 300 320
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-42 -28 -14 0 14 28 42 56
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-8 -6 -4 -2 0 2 4 6 8 10
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-15 -10 -5 0 5 10
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
10 30 50 70
90
Net % of Stocks At 52-Week Highs
50 55 60 65 70 75
80
PE Ratio
6000 6500 7000 7500 8000 8500 9000 9500
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
• Real Estate has also posted a better than 2% rally in the past five days alone as breadth runs very hot.
• The 10-day advance decline line is back into extreme overbought territory and at one of the highest levels of the past year.
• While the past week’s rally has not been enough to lift the sector back above its 50-DMA, many members of the sector have retaken their moving averages. That reading has gone from a low of 13.79% at the end of September to 69% today.
• The percentage of stocks above their 200-DMAs never collapsed and currently sits above 90%.
Technology Sector Internals - Past Year
1850 2000 2150 2300 2450 2600 2750
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-40 -30 -20 -10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-8 -6 -4 -2 0 2 4 6 8 10
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-10 -8 -6 -4 -2 0 2
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-10 0 10 20 30 40 50
10/20 1/21 4/21 7/21 10/21
Net % of Stocks At 52-Week Highs
30 31 32 33 34 35 36 37
10/20 1/21 4/21 7/21 10/21
PE Ratio
1220012600 13000 13400 13800 14200 14600
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
• Tech stocks are breaking out of the past month and a half’s downtrend, but the group has not yet retaken its 50-DMA.
• Short term breadth as measured by the 10-day AD line has moved off of oversold levels and is looking at its first positive reading since October 5th and the strongest reading since Septem- ber 7th.
• The relative strength line remains range bound around zero.
• The percentage of stocks above their moving averages and making new 52-week highs have
both been moving higher but are far from fully recovered.
Utilities Sector Internals - Past Year
270 290 310 330 350 370
10/20 1/21 4/21 7/21 10/21
Price and Trading Range
-60 -40 -20 0 20 40 60
10/20 1/21 4/21 7/21 10/21
10-Day Advance/Decline Line
-10 -5 0 5 10
10/20 1/21 4/21 7/21 10/21
50-DMA Spread (%)
33500 34000 34500 35000 35500 36000
10/20 1/21 4/21 7/21 10/21
Cumulative AD Line
0 20 40 60 80 100
10/20 1/21 4/21 7/21 10/21
Percentage of Stocks Above 50 & 200-DMAs
50-DMA 200-DMA
-25 -20 -15 -10 -5 0 5 10
10/20 1/21 4/21 7/21 10/21
Relative Strength vs S&P 500
-5 0 5 10 15 20 25 30
35
Net % of Stocks At 52-Week Highs
16 18 20 22
24
PE Ratio
• Utilities got crushed with the rise in rates, but there has been some relief recently as the sector made a higher low.
• Although price is coming off of oversold levels, breadth is running hot.
• The 10-day advance decline has made a vertical move higher reaching overbought territory.
• That strong breadth also meant that the percentage of stocks above their moving averages have recovered.
• Two-thirds of the sector is above their 200-DMAs and 21.4% are above their 50-DMAs versus
Monday’s lows of 25% and 0%, respectively.
S&P 500 Sector Weightings - Past Year
7 9 11 13 15 17
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Consumer Discretionary
1 3 5 7 9 11 13
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Communication Serivces
4 6 8 10 12 14 16
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Consumer Staples
1 3 5 7 9 11 13 15 17
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Energy
5 10 15 20 25
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Financials
6 8 10 12 14 16 18
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Health Care
7 8 9 10 11 12 13 14 15 16
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Industrials
1 2 3 4 5 6 7 8 9
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Materials
2.2 2.4 2.6 2.8 3.0 3.2 3.4
9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 Real Estate
4 8 12 16 20 24 28 32 36
'90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20 Technology
2 3 4 5 6
7 Utilities
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% Utilities
Technology Real Estate Materials Industrials Health Care Financials Energy Cons. Staples Cons. Discret.
Comm. Svcs.
