Percentage of Stocks Outperforming the S&P 500 Index

A stock is outperforming an index over a specific period if its rate of return for this period is higher than the rate of return of the index.

A high percentage of stocks outperforming the S&P 500 index could be considered as a bullish indicator for the market. The higher the number, the more stocks are performing better than the underlying index (S&P 500 in this case).

The percentage of stocks outperforming the S&P 500 index (Ticker Symbol: ^GSPC) is a market breadth indicator calculated by calculating the ratio of the total number of stocks that had a 30-Bar return higher than the 30-Bar return of the S&P 500 to the number of stocks that underperformed the S&P 500 Index (30-Bar return lower than the index 30-bar return). Return is calculated using the "perf" function.

The resulting time-series is multiplied by 100 and it is considered bullish if its value is higher than 50%.

This market indicator may also be used as a contrarian indicator where extreme readings foretell a change in the current trend (Up or down trend).

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