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Asset Watch
Thursday, June 8, 2023
If the laggards play catch-up in the weeks ahead, it could provide fuel for further S&P 500 upside. In March 2023, the index rallied by nearly 100 points, while the percentage of stocks above their 50-day MAs remained stuck near 18%. The figure soon increased to 60%, which helped keep the index uplifted. So, we could witness a similar event this time around.
The only caveat is S&P 500 seasonality turns bearish in mid-June, and the index often breaks below its May low, which is south of 4,100. Therefore, unless breadth picks up over the next several days, it could be correction time.
Should we expect the laggards to become leaders, or is the AI-driven rally as good as it gets?
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