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3x as many advancing as declining stocks yesterday in $SPX, but the index only closed +0.16% as megacaps weighed. Our measure of Breadth Thrust (10 EMA of Adv / (Adv+Dec)) still in the red after crossing below 45 on Dec 10th. Currently 48, needs to get above 55 to turn green: https://t.co/WF8P6NjeSl
The SPX index remains elevated, but fewer stocks are holding above their long-term support levels. Historically, when this metric falls into the red zone, it has signaled market bottoms or oversold conditions 👀 https://t.co/vkGjzoIuno
While the SPX breadth improvement hasn't been stellar or too clear, there was buying before the close (unlike prior days), and aftermarket gap up to my ES resistance level 5892. RSI on 4hr now <50. For how long more before PPI ES can rally / keep up, will be telling. https://t.co/jWmdH7ZOGp https://t.co/BZnL1ul1Je
On January 13, 2025, the S&P 500 Index ($SPX) demonstrated a positive breadth, with over 70% of its constituents in positive territory and an average gain of 1.3%. Despite an early decline, the index closed with a breadth ratio of 3 to 1 favoring advancing stocks. Most sectors ended the day in the green, indicating a potential exhaustion of sellers. However, concerns remain as fewer stocks are maintaining long-term support levels, which historically signals market bottoms or oversold conditions. The index closed with a modest gain of 0.16%, hampered by the performance of megacap stocks. The Breadth Thrust indicator remains below 55, having crossed below 45 on December 10, suggesting continued caution in the market.
