S&P 500: When 0% of S&P Financials Are Above the 50-Day EMA

0% of S&P Financials are above their 50-day EMA. Yes, zero. This has only occurred near end of major drawdowns in 2018, 2020, and 2022. Each of the three times, S&P 500 $SPX was higher over next 2 months and delivered double digit gains over the next 12 months.