January 9, 2024

Hey, it’s Ross Givens here with the Chart of the Day. As we ride the waves of market dynamics, a notable shift has unfolded. At the close of December, a staggering 86% of stocks were trading above their 50-day moving average—the highest in 2023. Despite a predictable dip following last week’s pullback, the current standing at 79% surpasses levels seen during the market’s previous peak in July. This resilient figure signals a healthy market, irrespective of the ongoing pullback. In today’s Insight of the Day, I unravel the strategic implications of this robust market condition and share why it’s still an opportune time to pursue the leading stocks in the market.