Breadth tells you more than headlines.
Most sectors show only 20-40% of their stocks hitting new 4-week highs. Tech sits near 60%, but that's concentrated strength, not broad participation.
The 52-week picture is even thinner—most sectors barely crack 10-20%. A few names are doing the heavy lifting while the rest tread water.
This is what late-cycle leadership looks like. Narrow, momentum-driven, fragile. When the crowd chases the same handful of winners, you're not in a bull market—you're in a popularity contest.
Watch what's NOT working. That's where the risk hides.
Most sectors show only 20-40% of their stocks hitting new 4-week highs. Tech sits near 60%, but that's concentrated strength, not broad participation.
The 52-week picture is even thinner—most sectors barely crack 10-20%. A few names are doing the heavy lifting while the rest tread water.
This is what late-cycle leadership looks like. Narrow, momentum-driven, fragile. When the crowd chases the same handful of winners, you're not in a bull market—you're in a popularity contest.
Watch what's NOT working. That's where the risk hides.
