Bloomberg Surveillance · Friday, August 7, 2026
Despite recent market volatility, the S&P 500 has shown remarkable resilience, rallying with significant potency. According to Christopher Coringicot, approximately 75% of the S&P 500 stocks are trading above their 200-day moving average, a breadth not seen in over two years, indicating strong underlying market health.
“They threw everything they could at this market, whether it was bond yields, whether it was oil, whether it was the war, and the best they could do was maybe a two or three percent draw down in the SMP extremely rotational tape.”
“You know, we've been observing for weeks and weeks that the internals have been getting better, not worse.”
“But I'd say, on balance, you know, seventy five percent of the smpiece above the tun or day right now, that's about as broad as we've seen in two or plus years.”