Stock Market Today: November 18th - 22nd, 2019

Which of These Sectors is Not Like the Other
Tue, Nov 19, 2019

The S&P 500 is right at all-time highs, but if you look at your portfolio or a random list of stocks, with some of the winners there are bound to be some clunkers. Before getting too restless, though, it's important to keep in mind that not all stocks rally or decline in unison with each other. The chart below perfectly illustrates this. In it, we show the average distance that stocks in the S&P 1500 are trading with respect to their 52-week highs. For the S&P 1500 as a whole, stocks in the index are collectively trading an average of 16.2% from their respective 52-week highs. Large-cap stocks in the S&P 500 are the closest to 52-week highs at just a hair above 10%. Mid Caps are down an average of 14.8% while small caps have been the big laggard with stocks in the S&P 600 down an average of 22.2% from their 52-week highs.



Small-cap stocks have been a laggard for the last year, and one of the key drivers of that weakness has been the Energy sector. The chart below shows how far stocks in the S&P 1500 are trading relative to their 52-week highs broken out by sector. It's not often that you see one sector as such a big outlier relative to all the others, but the Energy sector is in a league of its own these days. Stocks in the sector are more depressed than any other, trading down an average of 42.8% from their 52-week highs. Behind Energy, the next closest sector is Communication Services at an average of 22.7%. That's a spread of more than 20 percentage points between the two sectors with stocks furthest below their 52-week highs!

While stocks in the Energy and Communication Services sectors are the furthest below their 52-week highs, sectors that are the closest include Utilities and Financials where the average stock in each sector is down less than 10% from their 52-week highs.

 

market map heading into the afternoon session:

mixed bag today, but HD and T the notable laggards.

 

haha, that was a good call from the other week @stock1234

 

market now back at the halfback point of the entire down move ... we'll see how the close settles.

i'm still thinking the up move isn't quite done yet as the ATH in the /ES futures was made in the ETH (extended hours trading) session the other day, and w/o an excess high in the market profile. just my 2c

 

whelp, looks like that SPX w/o back-to-back red closes streak will be coming to an end today, absent a late day rally that finishes us in the green

w'ell still tie the mark from 2005 at 30 days in a row

 

oh and here's another streak that likely will end today of the spx trading above its 10ma w/o back-to-back red closes. although this current streak has outlasted the last previous longest streak in 2004 at 28 trading days. you'd have to go all the way back to 1955 to find a longer streak, and that one ended 36 trading days

 

forgot to make a quick mention of this streak too, that while we've tied the 2005 streak at 30 trading days in a row w/o back-to-back down closes, you would have to go all the way back to 1955 and 1950 to find a longer streak. those were both at 37 trading days.

dang, woulda been kinda cool to make some history with that stat this week lol

 

oh and just to quickly clarify what i meant here, it is a really good call by you @stock1234 in that i know you've been on the side that a trade deal would not actually be "signed" this year. i know you've been thinking that all year actually. great call