E-Wave for the S&P 500 Index

[rimshot]

Percentage of the 500 stock components
which comprise the S&P 500 index
that reside above:

their 200-day EMA
their 50-day EMA
their 20-day EMA

$SPX daily chart with internals -

* the number of consecutive days the components reside
above their 200-day EMA at the 80% level and
above is often a relatively small number
of days in any given long-term price advance
over the years/decades unless it is an unusually
steady price advance by SPY and $SPX ...
I am seeing some analysts making public statements that
this internal metric alone argues for caution
once the duration of its state above 80% lengthens

I have 75% marked as the horizontal for vigilance,
and plan to leave the value at that location as it
has been for many years on this chart

https://c.stockcharts.com/c-sc/sc?s=%24SPX&p=D&yr=1&mn=10&dy=0&i=p97802610981&a=589417407&r=1579414387080

chart #2 - daily plot for
the Percentage of S&P 500 components
that reside above:

their 50-day SMA
their 200-day SMA

https://c.stockcharts.com/c-sc/sc?s=%24SPX&p=D&yr=8&mn=0&dy=0&i=p29567294226&a=604365820&r=1579415304393