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).
Sign up to access the rest of this content!
This content is not available to free users. Sign up for a paid account to access the rest of this content.