S&P 500 price levels to trade

[rimshot]

tracking the changing direction for the percentage of stock components
within nine S&P 500 sector Spyders that are
above the 20-day ema -

status as of July 24, 2018

S&P 500 - 59.6% of the 500 stocks reside above the 20-day ema,
and steadily declining from the approx. 70% level since July 18, while SPY price action
achieves new bounce highs for July

* for this internal metric XLK, XLY and XLP have suffered the deepest
declines since July 18

https://stockcharts.com/h-sc/ui?s=%21GT20SPX&p=D&yr=0&mn=5&dy=0&id=p92019784800&a=607251685d

** caution: a small minority of the very largest market capitalization size stocks in the S&P 500 index are responsible for the SPY price action moving above the mid-July high in the second half of July 2018, and a technician must ask how sustainable is it for the SPY price action to be increasingly dependent on a small minority of component stocks