Monday, June 17, 2024

Charts of the Day: "Abysmal Breadth"

Dear clients, if you're wondering what keeps us cautious on equities right here, among other things, the following is, let's say, compelling.

From this morning's log entry:


Per the below, stock market breadth is absolutely abysmal… While we’ll remain open minded (and last year the market rose amid often-week breadth) history – when we’ve seen this magnitude of breakdown – does not support a happy ending:

SP500 vs SP500 Equal Weight (yellow), Dow Jones Industrial Average (green) and the Russell 2000 (purple) YTD:

SP500 vs SP500 Advance/Decline Line YTD:

SP500 vs number of members trading above their 50-day moving average:

SP500 vs number of members trading above their 200-day moving average:

Nasdaq Comp vs its Advance/Decline Line:

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