It seems that, in spite of the lifetime highs, the raw strength of the market is starting to wane, as this chart of the percentage of stocks above their 200-day moving averages illustrates.
![](https://slopeofhope.com/wp-content/uploads/2024/05/slopechart_SPX200MA-640x346.jpg)
It seems that, in spite of the lifetime highs, the raw strength of the market is starting to wane, as this chart of the percentage of stocks above their 200-day moving averages illustrates.