By Bespoke Investment Group
While the market has been making new bull market highs all week, we haven’t quite seen the breadth that we saw earlier in the year. As shown in the chart below, 83% of the stocks in the S&P 500 are currently above their 50-day moving averages. Back in January, this reading got above 90%.
The average S&P 500 stock is currently 4.33% above its 50-day, which is a very high reading. The S&P 500 itself is trading 3.5% above its 50-day.
Below is a list of the 35 S&P 500 stocks that are currently trading the farthest above their 50-days. As shown, Best Buy Co., Inc. (NYSE:BBY) – yes, Best Buy! — is the farthest above its 50-day at 33.75%, followed by Hewlett-Packard Company (NYSE:HPQ) – yes, Hewlett-Packard! — at 23.79%. Other notables on the list of the most extended stocks above their 50-days are Netflix, Inc. (NASDAQ:NFLX), Electronic Arts Inc. (NASDAQ:EA), TripAdvisor Inc. (NASDAQ:TRIP), The Boeing Company (NYSE:BA) and The Washington Post Company (NYSE:WPO).
Just 84 S&P 500 stocks are currently below their 50-days, and below is a list of the 35 that are the farthest below. Cliffs Natural Resources Inc. (NYSE:CLF) ranks first at -32.13%, followed by JC Penney Company, Inc. (NYSE:JCP) at -17.59% and Intuitive Surgical, Inc. (NASDAQ:ISRG) at -14.20%. Apollo Group Inc. (NASDAQ:APOL), United States Steel Corporation (NYSE:X) and First Solar, Inc. (NASDAQ:FSLR) are the only other stocks more than 10% below their 50-days. And if you’re wondering about Apple Inc. (NASDAQ:AAPL), yes it’s on the list of losers at 5.40% below its 50-day.
The above article comes from Covestor.
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