From one extreme to another. Back on December 24th as the month long melt down accelerated, only 1% of all S&P 500 stocks were trading above their 50 day moving averages. This equaled one of the most extreme oversold readings ever.
Fast forward to this week. After a 16% rally off the Christmas week lows 88% of the S&P 500 are back above their 50 day moving averages, the highest reading since April 2016. This is also in the 96th percentile of historical data.
Great stats from the deck of Charlie Bilello