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Out of gear

Jason Goepfert
2021-06-22

The most widely benchmarked index in the world was close to setting a record high before some late-day selling. Even so, the S&P 500 closed within 0.25% of its prior high. Even so, fewer than 46% of its member stocks are even trading above their 50-day moving averages. Going back to 1928, this has happened only a handful of days. Divergences like this, if they persist, is what often precedes more protracted declines and we need to keep a close watch to see if they develop further.


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