SPXEW bounce on Feb. 22nd is rejected on today's 1st attempt from below of the 50-dema
* notice the cyan horizontal line marking the level of the Feb. 20 and 21 intraday low, which bulls must defend in the coming days
bulls are recently defending the area of the declining 15-day sma
* in the near term, it is unfavorable to the lasting bullish case that the very largest capitalization symbols in the S&P 500 index are extending their weighted influence to even more extreme levels than often seen since 2016 ( see the ratio at the bottom of the chart )
top 25 symbols ranked by portfolio weight are updated daily here:
notice the composition of the top 25 compared to the table shown below the chart ... AMZN has moved up only 1 position in the weighted index ranking for the S&P 500 since 2017, but is now at 2.57% weighted influence vs. 1.77% in 2017
Morningstar ranking for the weighted influence of the top 25 symbols, as of October 20, 2017:
top 25 stocks ranked by Market Cap weighting --- with the S&P 500 index weighting factor ( updated for Oct 20 close )
AAPL 0.0364 MSFT 0.0274 FB 0.0187 AMZN 0.0177 JNJ 0.0172 BRK/B 0.0164 XOM 0.0159 JPM 0.0158 GOOGL 0.0135 GOOG 0.0134 BAC 0.0120 WFC 0.0111 PG 0.0101 CVX 0.0101 T 0.0098 PFE 0.0098 GE 0.0093 VZ 0.0091 UNH 0.0090 C 0.0090 V 0.0089 HD 0.0087 INTC 0.0086 KO 0.0080 CMCSA 0.0079
Total 0.3338 or 33% of the S&P 500 index ( an index whose price value is weighted by its components' Market Capitalization Value weighting factor )