“The rally in US equities since last October’s near-death experience has been unmistakably broad, even though the Mag 7 have captured most of headlines. And last week this broadening was confirmed when the S&P 500 equal-weighted index made an all-time high for the first time in 26 months.
Both the charts show the percentage of stocks above their 200-day moving average (green shading). Not surprisingly, periods of strong momentum are generally green, and that’s where we find ourselves today. The question, of course, is whether it will continue.”
The rally in US equities since last October’s near-death experience has been unmistakably broad, even though the Mag 7 have captured most of headlines. And last week this broadening was confirmed when the S&P 500 equal-weighted index made an all-time high for the first time in… pic.twitter.com/pBpVkcVmUB
— Jurrien Timmer (@TimmerFidelity) March 12, 2024
"The Dow Jones Industrial Average is making new highs, but the Dow Jones Transportation Average is nowhere near new highs."@allstarcharts pic.twitter.com/lcE03IuRE5
— Daily Chartbook (@dailychartbook) March 12, 2024
Magnificent Seven Stocks are undervalued relative to the reset of the stock market says JP Morgan 🤔 pic.twitter.com/b9toyDjnq2
— Barchart (@Barchart) March 12, 2024