....this below the disconnect between what the S&P500 index...

....this below the disconnect between what the S&P500 index tells us and what actual stocks really do.
....those damn statistics, which is what the major indices have become, which can be incredibly blindsiding (if we don't look under the hood).
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The first chart shows the percentage of S&P500 stocks trading above their 100-day moving averages (blue line) versus the S&P500 index (green line).

At the S&P500 high in March, 85% of stocks traded above their 100-day moving average.

Since then, the S&P500 has surged to a new high, yet the percentage of stocks trading above their 100-day moving average has declined to below 50%.

More than half the stocks in the index are below their medium-term average price trends:

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