Breadth is crumbling beneath the surface.
Most sectors showing zero stocks at new 4-week or 52-week highs. When the market's supposed to be rallying but almost nothing is actually making new highs, that's not strength—that's concentration risk dressed up as momentum.
This is what distribution looks like before people realize it's distribution. A handful of names holding up the index while everything else quietly rolls over. Classic late-cycle behavior.
The crowd sees green numbers and assumes all is well. The tape is telling a different story.
Most sectors showing zero stocks at new 4-week or 52-week highs. When the market's supposed to be rallying but almost nothing is actually making new highs, that's not strength—that's concentration risk dressed up as momentum.
This is what distribution looks like before people realize it's distribution. A handful of names holding up the index while everything else quietly rolls over. Classic late-cycle behavior.
The crowd sees green numbers and assumes all is well. The tape is telling a different story.
