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US Stock Market Breadth Is Collapsing Again

With 1998/99 analogs abounding, we thought it worth looking at a more ominous similarity. The breadth of the US equity market is "narrowing" dramatically; and bad breadth was a big flashing red feature of 1999.

US equity market breadth is the narrowest in over 2 years...


As equal-weight is underperforning cap.weight by 2.4% over the past 12 months - the biggest decoupling since 2008.

This is not the chart of a broad-based beginning to another leg of the bull market.


Charts: Bloomberg