Market momentum

Whether US shares are trending up or down: how far the S&P 500 sits above or below its average price over the last 125 trading days (about six months).

Formula

Reading = S&P 500 price ÷ 125-day average price − 1 · Score = percentile of today's reading among the last 252 trading days

Worked example

1. Today's reading: +4.1% vs 125-day average
2. Compare it with every daily reading over the past year (252 trading days).
3. Today's reading is higher than 72% of the past year's readings.

Result: 72 / 100 · greed

How to read it

Well above its average = investors are confident (greed). Below it = selling pressure (fear).

Daily ETF closing prices from Twelve Data

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