The S&P 500 has slid into deeply oversold territory while nearly half of its constituent stocks remain overbought. Bespoke Investment Group co-founder Paul Hickey says the split has produced some of the most unbelievable charts he has seen.
The S&P 500 has tumbled into deeply oversold territory, even as nearly half of its constituent stocks remained decidedly overbought. MarketWatch describes the gap as a historic divergence in the U.S. stock market.
Paul Hickey, co-founder of Bespoke Investment Group, said in commentary shared with MarketWatch that the push and pull has produced some of the most unbelievable charts he has ever seen.
On Wednesday, the index tried to rally back above its 50-day moving average but ended the session just below that level.
Source: MarketWatch (snippet-based)
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