Extended market breaking out. pic.twitter.com/pbVjianiQi
— Strategas (@StrategasRP) June 25, 2021
Today’s Chart of the Day was shared by Strategas Research (@StrategasRP). It’s a chart of the S&P Completion Index over the past 2.5 years. The Completion Index contains all non-S&P 500 stocks. In other words, the ‘extended market.’ There are over 3,400 stocks in the index, but some of the top holdings include, $SQ, $UBER, $ZM, $BX, and $SNAP. Strategas points out that the extended market is breaking out to record highs, after a four-month consolidation. One of the biggest concerns in recent weeks has been the deterioration in market breadth, measured by the percentage of S&P 500 stocks above their 50-day moving average. But, this is one sign that perhaps participation is broader and healthier than other metrics are suggesting. The ETF, $VXF, tracks the Completion Index if you’d like to keep an eye on it.