After today’s big moves I wanted to see how it looked under the hood. Below is a chart of the $SPY with breadth figures from my universe of 1960 stocks. This is the same universe that is used in the weekend MA Breadth posts.
Of course the breakout by price is the first thing we notice, but beyond that the configuration above looks great too. You can see that the 200sma and 50sma measures are breaking to new highs for the move while the 20sma still has room before it gets overbought. Also notice how we have hung out in the upper half of all three during this consolidation. This looks to me like the breadth measures not only support the breakout, but they also have room before getting overdone.
(All market data above are derived from Stockcharts.com, Esignal, and Reutersdatalink)