Liquidity & Technical
Portfolio implementation verdict
CNC offers deep institutional liquidity. A fund can build or exit a 1% market-cap position within 4 trading days at 20% ADV participation.
Current tape: price sits ~55% above its 200-day SMA after the January 30, 2026 golden cross, and momentum is overbought — RSI(14) is 83.5 and 30-day realized volatility (50.3%) sits above the 80th percentile of the 10-year distribution. After a +41% YTD run, the setup leans constructive on trend but stretched on momentum and volatility.
5-day capacity @20% ADV ($M)
Largest position clears in 5d (% mkt cap)
Supported fund AUM ($B, 5% pos @20% ADV)
20d ADV / market cap (%)
Technical stance score (-3 to +3)
Liquidity is deep — institutional sizing up to roughly $435M over five days at 20% ADV is supported. Tape is constructive in trend regime, but momentum is overbought; treat as a follow-through tape, not an entry-point tape.
Price snapshot
Current price ($)
YTD return (%)
1-year return (%)
52-week position (percentile)
Beta (vs SPY)
Trend regime
The most recent golden cross was January 30, 2026 — the third in three years (prior crosses: 2023-10-31, 2024-09-23; intervening death crosses 2024-06-17 and 2024-10-22). Price is in a clear uptrend regime, having recovered from the July 2025 collapse. The all-time high of $97.22 (Aug-2022) remains ~65% above current levels.
Momentum panel
RSI (14)
MACD Histogram
MACD Line
MACD Signal
RSI(14) at 83.5 is well above the conventional 70 overbought threshold. MACD line at 5.25 sits above the signal line (4.45) with a positive histogram of +0.80 — trend-following momentum is intact, but mean-reversion risk is elevated.
Relative strength vs SPY + XLV
The short-term tape is dominated by the post-Q1 FY26 beat rally (1m +57.8%). On longer horizons the picture is weaker: 3-year -13.9% and 5-year -9.8%, both well behind SPY and XLV. The structural underperformance reflects the 2025 reset; the recent 1-month surge is the recovery move, not a multi-year trend reclaim.
Volume, volatility, and sponsorship
30-day realized vol (%)
80th percentile band (10y)
Median (10y)
Median daily range, 60d (%)
30-day realized volatility at 50.3% sits above the 80th percentile of the 10-year distribution (p80 = 40.2%, p50 = 30.1%). The July 2, 2025 -40.4% session — driven by Centene's withdrawal of 2025 guidance the prior evening on a Marketplace acuity miss — remains the largest single-day move on record at 13.5x average volume.
Institutional liquidity
20d ADV (M shares)
20d ADV value ($M)
60d ADV (M shares)
20d ADV / mkt cap (%)
Annual turnover (%)
Fund-capacity
Liquidation runway
Median daily range (60d): 1.29%. Intraday impact cost is moderate; large blocks should use participation algorithms rather than market orders.
Technical scorecard
Stance. Net technical score is roughly 0 (trend positive but momentum, volatility, and long-horizon RS detract). The 3-to-6 month read is neutral with a pullback bias: a reclaim of $61.96 (52-week high) would confirm bullish continuation; a break below the 50-day SMA near $41 would invalidate and target the 200-day SMA near $38. Liquidity is not the constraint — a 5% position is implementable for funds up to roughly $8.7B at 20% ADV over five days.