Only 12 of 34 Leaders Still Hold All Major MAs
Only 12 of the 34 strongest movers with a market cap above $10B are still trading above all their major moving averages.
That tells us something important:
Headline strength is still concentrated.
A handful of stocks continue to show strong relative strength since August 6, but the broader setup remains selective rather than broadly bullish.
🔥 The strongest RS names include:
$SpaceX(SPCX)$ — Aerospace & Defense
One of the strongest relative-strength names since Aug. 6.
$TPG, Inc.(TPG)$ — Asset Management
$Dell Technologies Inc.(DELL)$ — Computer Hardware
$SUPER MICRO COMPUTER INC(SMCI)$ — Computer Hardware
$Seagate Technology PLC(STX)$ — Computer Hardware
$Teradyne(TER)$ — Semiconductor Equipment & Materials
$SK hynix(SKHY)$ — Semiconductors
$Docusign(DOCU)$ — Software — Application
$FrogAds, Inc.(FROG)$ — Software — Application
$Workday(WDAY)$ — Software — Application
$NEBIUS(NBIS)$ — Software — Infrastructure
$Rubrik Inc.(RBRK)$ — Software — Infrastructure
The takeaway 👀
The leaders are still leading.
But only 12/34 major movers maintaining their position above key moving averages means market participation hasn't fully broadened yet.
For now, this looks less like a market-wide risk-on move and more like a leader-driven rotation.
The key question isn't simply which stocks are going up?
It's:
Can more stocks join the move and reclaim their major moving averages?
Until that happens, I'd stay focused on relative strength, price structure and leadership rather than chasing the broader market. 📈
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