Market Breadth – Percent Below 52-Week High S&P 500 Index Less Median Stock In recent months, the S&P 500’s 52-week market breadth has shown signs of deterioration. Is an improvement possible before the end of the year? Image: Goldman Sachs Global Investment Research
S&P 500 and Zweig Breadth Thrust Bulls have reason to smile as the Zweig Breadth Thrust has perfectly predicted S&P 500 gains in all 19 post-WWII instances, averaging 23.4% returns within a year and never producing losses over 6- or 12-month horizons. Image: Carson Investment Research
S&P 500 and Breadth-Based Stock Market Bottom Signal A signal indicating a potential market bottom, based on extreme breadth levels, has been triggered. Historically, such signals often precede market turning points but are not infallible and can sometimes appear prematurely. Image: Bloomberg
Stocks – High Quality Relative Earnings Revisions Breadth and High Quality Factor Relative Performance In a late-cycle market, investors looking for stability might find high-quality stocks appealing, given their historical ability to provide robust protection against both market volatility and economic downturns. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth and S&P 500 YoY Performance The divergence between earnings revisions and S&P 500 performance suggests that investors are looking beyond current analyst estimates, potentially betting on stronger-than-expected corporate performance. Image: Morgan Stanley Research
Market – Breadth Index With the Goldman Sachs Breadth Index at 21, it remains below the 30-year average of 35, indicating that fewer stocks are contributing to market gains. Image: Goldman Sachs Global Investment Research
S&P 500 Index Returns – Zweig Breadth Thrust Signals Since WWII The Zweig Breadth Thrust, a rare occurrence, has historically indicated strong S&P 500 performance over the next 6 and 12 months, with a median increase in value of 24.8% one year later since 1945. Image: Carson Investment Research
Market Breadth – Percentage of MSCI AC World Stocks Above 200-Day Moving Average The decline in prices and selling pressure in April did not have a negative impact on the breadth of the market. Image: BofA Predictive Analytics
S&P 500 Earnings Revisions Breadth S&P 500 earnings revision breadth remains in negative territory, suggesting that there is still a cautious outlook for future earnings of S&P 500 companies. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth Earnings revisions breadth for both large and small caps has returned to negative territory, which means that the overall sentiment and expectations for future earnings have worsened. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth vs. S&P 500 YoY With yields no longer supporting high valuations, earnings growth is expected to be the main factor driving U.S. equity returns in the near future. Image: Morgan Stanley Research