Today's number is... 2

We only have two out of nine indicators flashing green on my bull market behavior checklist.

Here is the table:

(right-click and open image in new tab to zoom in)

Today's number is... 97%

Forewarning: This note will take two minutes to read as a lot has happened since yesterday's move lower:

- The Dow Jones Industrial Average recorded its 10th consecutive down day.

- The S&P 500 has experienced 13 straight days with more decliners than advancers.

- The S&P 500 saw a spike in 1-month new lows to 60%, the highest level since March 2023.

- The percentage of S&P 500 stocks in oversold conditions increased to 29.5%, reaching its highest level since October 2023.

- The percentage of stocks above their 50-day moving average dropped to 18.3%, the lowest level since November 2023.

However, one data point that caught my attention was that over 97% of stocks in the S&P 1500 declined in price yesterday!

Here is the table:

Today's number is... 37.3 > 34.3

More S&P 500 stocks are in downtrends than uptrends.

37.3% are in downtrends… and 34.3% are in uptrends.

Has the environment switched? Maybe.

Here is the chart:

(right-click and open image in new tab to zoom in)

Let's first break down what the chart shows: