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US Stock Market Sector Internals

JC Parets, CMT

At the October low of the S&P 500's largest component, technology, the sector saw the percentage of components at new 52-week lows expand to 17%, nearly the level at which it peaked at during the 2015-2016 correction. This signaled to us that the breadth of this sector was far worse than in Q1, despite prices being nowhere near their Q1 lows.