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The $SPX was down 21% from its Feb high 25 days ago (April 7th low) and is now within 5% of making a new ATH. The quickest recovery from a 20% drawdown to a new ATH was 59 trading days in 1998:

For the 2nd day in a row less than a third of $SPX members beat the index today as the megacaps dominated. The top 10 biggest companies accounted for almost +28 index points today (of which $NVDA alone was 15.6) vs -22 points for the remaining 493:

This week's AAII Sentiment Survey shows highest number of Bulls (35.9) and lowest spread (-8.5) since end of Jan:

$SPX has gained 22.38% since the low on April 7th, driven by $XLK (+36%). 6 sectors are within 5% of their highs:

Only $SPX cumulative Advance / Decline Line is making new highs. Our NYSE Breadth data is calculated on Common Stock only!

This scan shows % of $SPX stocks > their 200MA is back above 50% as 23 crossed above yesterday, incl $GPC & $LHX which crossed above for the 1st time this year. Only 4 crossed below, but were all above for less than a week:

First new high of the year for the weekly $SPX Advance - Decline line as 446 members gained on the week vs 57 declines. Biggest net gain since November 2023:

AAII Bulls up for the 3rd week in a row, and for the first time since the end of Jan the Bulls (37.7) outnumber the Bears (36.7):

$AAPL at a 1 year relative low vs $SPX, but $MSFT is at a 10 month high:

Great example of how to build your own rules-based ranking system. See here for more information: optuma.com/blog/custom-ra…

Our GoNoGo weekly scan shows 11 $SPX stocks with a New Go signal last week, vs 50 with a new NoGo. After 6 weeks moving sideways $DG finally broke higher:

The $SPX had it's 6th +2% day of the year today and is positive again for the year (+0.68%). However, more than half of stocks (251 / 503) are underperforming the index, incl $APPL (-20% YTD), $AMZN (-6%), & $GOOG (-8.6%).

A quick Julius de Kempenaer | RRG® scan on the $SPX members show 39 stocks in the Lagging quadrant are moving in a northeast direction, ie improving relative strength & momentum:

With 1 day to go, $SPX on course for its best month since Nov 2023, and the best May since 1990 (the rest of the year was not so good, falling 8.5%). This is best May ever for $XLK, $XLY, & $XLI. Only $XLP & $XLV are below their average: