....this narrow breadth market may well suggest that this 'bull' (if you can call it that) market is unsustainable.
This is interesting:
Only 32% of S&P 500 stocks have outperformed the index year-to-date. This marks the second consecutive year with such a low percentage after 29% was recorded in 2023.
Over the last 70 years, there was only one other period when such a streak occurred: in 1998-1999, before the Dot-com bubble popped.
To put this into perspective, the historical average has been ~50%. Meanwhile, since 2023, the S&P 500 has rallied 57.6% while the equal-weighted index is up just 28.8%.
