
S&P 500 breadth hits dot-com lows as mega-cap rally masks broad market weakness
The S&P 500 is trading within 2% of its all-time high, but market breadth has deteriorated to levels not seen since the dot-com era. Fewer than 25% of index stocks are above their 50-day moving averages, and fewer than 45% are above their 200-day moving averages. This divergence suggests the current rally is driven by a narrow group of mega-cap technology firms, masking underlying weakness in the broader market.












