In the S&P 500, 80% of stocks in the index are trading above their 50-day moving averages, which
is the most overbought reading since October 2007.
While all the handwringing is over the ADP report, I would look to this chart as the more probab le cause of the sell off than anything . . .
Percentage of S&P 500 Stocks Above 50-Day Moving Averages
Chart courtesy of Bespoke Investment Group
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.