We keep hearing “the market is amazing in how it keeps going up.”  It is important to define what market folks are talking about.  While the S&P 500 (SPX) that is dominated by the mega-cap stocks has been reaching into record territory over recent sessions, in five of the last six sessions NYSE breadth has been negative.  In fact, the NYSE Cumulative advance/decline line has been moving lower despite the gains in the SPX (Figure 1).


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