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"There is nothing more deceptive than an obvious fact.”
-- Arthur Conan Doyle
The S&P 500 hit its nth new all-time high yesterday, but as the top chart below reveals, more stocks were down than up on the day. The second, bottom chart then shows that this is not a new trend, as only 68% of shares in the index are trading above their 200-day moving average (red) and less than 50% trade above their 50-day moving average (blue). Not an outright sell signal, but a narrowing rally is a sign of caution. We will discuss this more in depth in the next Quotedian, likely out Sunday/Monday.
