Generally speaking, it is never a good sign when 50% or more of the S&P 500 stocks are trading below their 200 day moving average (DMA). The % over 200dma graphed here is displaying a negative slope, and this is not indicative of a bull market. March may have yielded a $SPY relief rally that initially looked good, but has now run its course after retracing approx 2/3 of the fall from the S&P peak. Stay alert and watch closely to protect portfolios in case this downtrend continues.
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We have now crossed the important 20% line on this measure. A reversal back ABOVE this line could be an important signal as it has historically marked advances as buying returns to the equity markets. Stay alert & manage risk.