Charts of the Week: Breadth Bounces Back, Emerging Markets Stall & Dollar Firms Up

In this weekly charts episode, Miles Clark and Joseph review short-term breadth in the S&P 500, noting that more than half of the index is back above its 10-week moving average and that equal weight reversed up against cap weight for the first time since 2023. They contrast that with longer-term trend measures that have not yet turned up, and discuss emerging markets stalling as the dollar firms, a sell signal in banks, and where the 10-year yield goes from here.

1. Over half of the S&P 500 is back above its 10-week moving average, though the reading remains in middling territory.
2. The hosts say the long-term percent-positive trend indicator for the S&P 500 is still below 50% and has not reversed up.
3. Equal weight was positive on the week while cap-weighted indices lagged, with emerging markets down sharply as the dollar firmed.
4. They flag a first sell signal in banks since the earlier tariff-related selloff and discuss what a move back above 70 on the short-term breadth measure would signal.