News about S&P 500

S&P 500 closed in red for 3rd week in row (longest losing streak since September); last week was also worst in over a year (-3.0%); despite sell-off, handful of large-cap segments were up with Utilities leading way; worst-hit was Technology ⁦@SPDJIndices⁩ pic.twitter.com/LoNvVeDKZh

Last Friday was best day for equal-weighted S&P 500 relative to cap-weighted S&P 500 since March 2021 [Past performance is no guarantee of future results] pic.twitter.com/m4KkNTB7ql

How rare was Friday? More than 300 stocks in S&P 500 were green, yet the index was down 0.9%. Using data back to 1998 that happened only ONE OTHER TIME. 10/2/20 saw 313 stocks up, but it fell 1.0%. Again, things are improving under the surface if you look at the data.

On April 12th only 1 stock in the S&P 500 made a 10-day high and none made a 20-day high. That is washout territory. Last time we saw that was early March '23 and late Sept '22 before that. Both of those times were in the ballpark of the tactical low.