31% of the S&P holds its 50-day as the index nears a high

The S&P 500 closed last Friday at 7,650.5, about 1.9% below its August 13 high of 7,798.99 but still near a recent recovery high, after absorbing the Federal Reserve's first rate hike in three years. Yet only about 31% of its members sit above their 50-day moving average. That gap between the index level and the average stock is the single most important fact in the market right now, and it tells you more about how durable this rally is than the headline print does.

Key Takeaways Just ~31% of S&P 500 stocks were above their 50-day moving average as of Friday, even as the index closed at 7,650.5, about 1.9% below its August 13 high. Growth beat value decisively last week: the Nasdaq added 0.7%…