% of stocks above 200-day MA
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Definition
Percentage of index constituents trading above their 200-day moving average, a long-term breadth gauge of how broadly a primary bull or bear trend is supported.
How to read it
This counts the share of index members above their 200-day moving average, the classic long-term trend line. It gauges the health of the primary trend: sustained readings above ~60-70% indicate a broad bull market, while readings below ~30% indicate a broad bear phase. Because the 200-day is slow, this gauge whipsaws less than the 50-day and is better for confirming regime rather than timing. Long-term divergences (index high, fewer stocks above their 200-day) are among the more reliable breadth warnings.
How practitioners use it
Used as context among multiple indicators — never as a standalone signal to act.
Less common professional uses
Top-of-cycle divergence here is more meaningful than in the 50-day version: because the 200-day is slow, a deteriorating long-term participation reading against a rising index reflects genuine erosion of the bull's foundation, not noise. Breadth-thrust research (e.g. surges from deeply washed-out to broadly positive) often uses the 200-day gauge to define bear-to-bull regime transitions. As an equal-weighted count, it can lag or lead a mega-cap index; in a narrow, leadership-concentrated market it may sit weak while the cap-weighted index is strong, which is information, not error. The 200-day line itself lags price by design, so this gauge is doubly slow; do not expect it to catch tops or bottoms, only to confirm the regime after the fact. Survivorship and constituent turnover subtly bias the long series, since delisted losers leave the denominator over time.
Sources & provenance
Index constituent prices vs 200-day moving averages (exchange EOD data)
This page is educational content published by Pachira Aquatica Global LLC. It is not investment advice and not a recommendation.