Only the index is stretched

In June, Troy pointed out that the Nasdaq was stretched way above its 200-day moving average despite relative few of its component stocks being above their own averages by any amount. Didn't seem to matter, and now it's the S&P 500's turn. By Thursday, it rose more than 9% above its 200-day average and yet fewer than 60% of its stocks are above their own averages. Over the past 30 years, this has happened on only four other days. For what it's worth, all four of them saw losses in the S&P between 2-4 weeks later. Those dates were 1998-07-23, 1998-11-23, 1999-12-31, and 2000-03-21.