This S&P 500 crash signal just made a major positive U-turn

The S&P 500 is showing signs of a broader recovery after a sharp deterioration in market breadth raised concerns about the sustainability of its rally earlier this month. The latest rebound suggests buying interest is spreading beyond the handful of large technology companies that have supported the index. In this line, the proportion of S&P 500 stocks trading above their 50-day moving average ( MA ) rose 5 percentage points on Friday to 61%, its highest level since mid-August. The reading has more than tripled since the October 1 intraday low, according to data shared by T he Kobeissi Letter on October 24.

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