From Nasdaq:

The S&P 500 index holds strong near all-time highs, showing a 20% surge since late October. However, nearly half the S&P 500 stocks are not faring so well, trading below the 50-day moving average, indicating a bearish sentiment and poor market breadth for many index components.

A total of 232 S&P 500 companies are trading below their 50-day moving averages, with only five of the top 30 companies in the S&P 500 trading below the same average. This group includes Tesla, Boeing, and a few others, highlighting that elite companies have remained relatively shielded from bearish pressures.

On the other hand, there are several S&P 500 companies that are trading at a discount to the 50-day moving average. These companies include Charter Communications, Archer-Daniels-Midland, and MarketAxess Holdings, all with significant price distances of 20%, 19%, and 17% respectively, from the 50-day average.

Companies such as NVIDIA, Meta Platforms, and Ely Lilly & Co have largely exceeded the support of the 50-day moving average, showing a price premium relative to the technical indicator. Others like Uber and Ralph Lauren Corp are closely behind, all with significant price premiums compared to the 50-day moving average.

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Read more: Nearly Half Of S&P 500 Stocks Trade Below 50-Day Moving Average: Which One Is The Cheapest?