BREAKING: Only 17% of S&P 500 companies are now trading above their 50-day moving average, the lowest share since the November 2023 low.

This percentage has dropped by ~55 points in a few weeks as the market breadth deteriorated.

The last time such a low percentage was seen was during the 2022 bear market.

Currently, the S&P 500 is down 4.5% since its December peak.

At the same time, the Volatility Index, $VIX, is up over 50%.

Is the market overdue for a correction?