The S&P 500 is currently trading ~12.5% above its 200-day Moving Average
The S&P 500 is currently trading ~12.5% above its 200-day Moving Average. We haven't seen $SPY this far above its 200-day since August of 2021, nearly two years ago. While it looks over-extended, it is not unsustainable. For instance, study the left side of the chart from Nov '20 - Aug '21 Source: Grayson Roze
S&P 500 peak in January 2022 vs. peaks in October 2007 and March 2000...
Source: Charlie Bilello
The sp500 has been anticipating the improvement in earnings (ex-Energy) expectations so far. Can these expectations be met?
Source: Bloomberg (Gina Martin Adams for the #chart)
The sp500 is now 3% above the level it was at when The Fed first hiked #rates in March 2022...
The #sp500 is now 3% above the level it was at when The #Fed first hiked #rates in March 2022...
The S&P 500 is now 3% higher than where it was when the Fed started hiking rates in March 2022. $SPX
Source: Charlie Bilello
80% of stocks in the SP500 are now above their 50-DMAs
80% of stocks in the SP500 are now above their 50-DMAs. Looking at this breadth reading across sectors, it's cyclicals surging and defensives lagging behind. Source: bespoke
Market Behaving Like Past Decade's Pattern Has Been Broken
Going back to 1950, this is currently the 9th longest stretch without the S&P 500 making a new all-time high. Source: Willie Delwiche
SP500 top 10 weights - market cap vs. earnings contribution
Source: J.P.Morgan Asset Management