The S&P 500 just hit a new all-time high for the first time since mid-August. Sounds great, right?
But here's the catch: only 4 out of 11 sectors are even positive since the last peak.
$SPY is being carried by Technology (+6.8%) and Energy (+4.4%). Communication Services and Healthcare are barely hanging on at +1.2% and +0.6%.
Meanwhile, Industrials are down -9.5%, Real Estate -8.0%, and Financials -7.2%.
This is a narrow rally. A handful of names are doing all the heavy lifting while most of the market is stuck in reverse.
When breadth is this weak, it's worth paying attention. Broad participation usually matters more than headline numbers.
But here's the catch: only 4 out of 11 sectors are even positive since the last peak.
$SPY is being carried by Technology (+6.8%) and Energy (+4.4%). Communication Services and Healthcare are barely hanging on at +1.2% and +0.6%.
Meanwhile, Industrials are down -9.5%, Real Estate -8.0%, and Financials -7.2%.
This is a narrow rally. A handful of names are doing all the heavy lifting while most of the market is stuck in reverse.
When breadth is this weak, it's worth paying attention. Broad participation usually matters more than headline numbers.