S&P 500 Index: Lack of Market Breath

Today if you look at the S&P 500 Index for instance in the United States, I think there are only 40 or 45 stocks that are above their 50-day moving average to use the technicians kind of talk. Everything else is in a downtrend. Definitely a lack of breath. Over 90 percent of the stocks are in downtrends, 10 percent are in uptrends but they're big companies and since the S&P 500 Index is capitalization-weighted those 50 stocks, 40 stocks, are dragging the average to all-time highs now.