Bespoke Investment Group knocks the cover off the ball with this one:
From Bespoke – The market has had a great 3-day run. In fact, this is the first time the S&P 500 has had three consecutive days of gains of 0.75% or more since last September. But as we noted in our prior post, the S&P is still below its 50-day moving average. As shown below, only 45% of stocks in the index are currently trading above their 50-day moving averages. So while we’ve bounced significantly this week, the market still has a long way to go before it becomes overbought. If you’re a bull and missed this week’s run, there’s still time to get in without doing so at over-extended levels.