S&P 500 Earnings Revisions Breadth and S&P 500 YoY Performance The divergence between earnings revisions and S&P 500 performance suggests that investors are looking beyond current analyst estimates, potentially betting on stronger-than-expected corporate performance. Image: Morgan Stanley Research
Market – Breadth Index With the Goldman Sachs Breadth Index at 21, it remains below the 30-year average of 35, indicating that fewer stocks are contributing to market gains. Image: Goldman Sachs Global Investment Research
S&P 500 and Zweig Breadth Thrust The Zweig Breadth Thrust has historically been a strong indicator of S&P 500 performance over the next 6 to 12 months, averaging a 23.5% increase in value one year later since 1945. Image: Carson Investment Research
S&P 500 Index Returns – Zweig Breadth Thrust Signals Since WWII The Zweig Breadth Thrust, a rare occurrence, has historically indicated strong S&P 500 performance over the next 6 and 12 months, with a median increase in value of 24.8% one year later since 1945. Image: Carson Investment Research
Market Breadth – Percentage of MSCI AC World Stocks Above 200-Day Moving Average The decline in prices and selling pressure in April did not have a negative impact on the breadth of the market. Image: BofA Predictive Analytics
S&P 500 Earnings Revisions Breadth S&P 500 earnings revision breadth remains in negative territory, suggesting that there is still a cautious outlook for future earnings of S&P 500 companies. Image: Morgan Stanley Research
Market Breadth – Percent Below 52-Week High, S&P 500 Index Less Median Stock Will market breadth improve in 2024? Image: Goldman Sachs Global Investment Research
S&P 500 Earnings Revisions Breadth Earnings revisions breadth for both large and small caps has returned to negative territory, which means that the overall sentiment and expectations for future earnings have worsened. Image: Morgan Stanley Research
S&P 500 Earnings Revisions Breadth vs. S&P 500 YoY The decline in earnings revisions breadth and its deviation from the S&P 500 performance suggests a disparity between analyst expectations for corporate earnings and the actual trajectory of the S&P 500. Image: Morgan Stanley Research
S&P 500 Performance Around Narrowing Market Breadth Episodes A sharp narrowing market breadth does not necessarily indicate a negative return for the S&P 500 over the next 12 months. Image: Goldman Sachs Global Investment Research
Breadth and S&P 500 The persistence of more new lows than new highs does not bode well for the S&P 500. Image: All Star Charts