Market breadth recently hit a key technical milestone, yet few investors are willing to call a market bottom.

A swath of stocks has participated in the market’s recent rebound typically an encouraging sign of a rally’s durability. Yet few investors are willing to call a market bottom, especially after such a punishing year.

The s&p 500 has risen 15% from 2020 to low and mid-June with all 11 sectors of the benchmark climbing to start the third quarter. Dozens of stocks from BJs Wholesale Club holdings incorporated to Northrop Grumman Corporation and H and our block incorporated set fresh 52-week highs last week.

Plus a widely followed technical indicator for market breadth recently hit a key milestone. The share of s&p 500 stocks closing above their 50-day moving averages rose earlier this month to 93% the highest level since the summer of 2020 and held above 90% For most of last week, according to FactSet and Dow Jones market data.

In the past two decades, the benchmark has on average risen in the months and years initially crossing the 90% threshold. Market participants typically see a broad push higher as an indication that a rally has legs when stocks across the market are rising indexes, and are less vulnerable to a downturn if a few heavily weighted stocks fall.