S&P 500 Stocks Above 50-Day Moving Average (%)

In the S&P 500, 80% of stocks in the index are trading above their 50-day moving averages, which
is the most overbought reading since October 2007.

While all the handwringing is over the ADP report, I would look to this chart as the more probab le cause of the sell off than anything . . .

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Percentage of S&P 500 Stocks Above 50-Day Moving Averages

Chart courtesy of Bespoke Investment Group

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