The percentage of S&P 500 stocks trading above the 200-day moving average closed at 62.57% on Friday, up 4.56%, with the session peak reaching 64.75%. Lower resistance from late September at 62.5%-65% was cleared and held. A close above the latter would signal additional strength towards 67.5%-70% and prior support to start the month. Current support is at 62.5%-60%. A move below the latter would signal caution and additional weakness towards 57.5%-55% with the prior session high reached 54.36%.
The percentage of Nasdaq 100 stocks trading above the 50-day moving average settled at 63.10%, up 12.62%, and the intraday high hitting 67.96%. Mid-September and lower resistance at 65%-67.5% was cleared but held. The 67.96% peak was also reached in back-to-back sessions in mid-September. A move above this level would be an ongoing bullish signal for strength towards 70%-72.5%. Current support is at 62.5%-60%. A close below the latter would be a slightly bearish signal with weakness towards 55.5%-52.5%.
