Jason Goepfert

5-13-2020 at 5:32 pm

Daily Report : The top 5 stocks are driving this rally, and that's not good; A technical rejection

The top 5 stocks in the S&P 500 are driving this rally. This handful of companies has accounted for nearly 25% of the S&P's total point gain since the March 23 low, among the highest percentages of any rally since 1990. Rallies that are driven by so few stocks have had a much harder time adding to gains.; The S&P 500 has been stuck under its widely-watched 200-day average for months now. After another attempt to climb back above it earlier this week, sellers stepped in again. Big rejections from below the 200-day average have seen stocks struggle in the past.

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