Dig beneath the surface of a market not far from its highs, and you will find one mounting red flag: a lack of confidence in the bull case for staying long stocks. Here's how to spot it. Only 25% of S&P 500 stocks are now trading above their 50-day moving average, the lowest proportion since April, points out the team at The Kobeissi Letter. That's an eye-opening deterioration from the 70% reached in mid-August. What's more, just 47% of stocks are trading above their 200-day moving average, also the lowest level since April. As of Monday's session, new 52-week lows on the New York Stock Exchange outnumbered new highs for the 10th consecutive trading day, and in 14 of the last 15 sessions.
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