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Market breadth indicators for the S&P 500 stocks are showing significant declines, with only 47% trading above their 100-day moving average, the lowest level since November. Additionally, the percentage of stocks above their 200-day moving average has hit 5-month lows, dropping to less than 64%, the lowest of the year. Bank of America highlights that equity 'breadth' is the worst since March 2009 due to AI impacting investment decisions, with the next potential trend being 'value' outperforming 'growth' as economic growth slows.
BofA: US stock market "breadth" breathtakingly bad https://t.co/d4qqZE1J9G
B of A: “.. equity ‘breadth’ worst since Mar'09 as AI ‘crowds out’ Wall St & Main St dollars; 2020s just one pain trade after another .. next is ‘value’ outperforming ‘growth’ as economic growth slows .. catalyst is a benign <0.2% April #PCE unable to support wobbly tech ..” https://t.co/iRxX7uB02e
The % of S&P 500 stocks trading above their 200D moving average fell to less than 64% yesterday, the lowest level of the year https://t.co/RRvFu2yCGv