Yesterday marked the worst breadth day ever for an “up” day in the S&P 500 — the index closed +0.23%, but under the surface, only 104 stocks were up while 398 were down. Since 1990, the S&P has never had a weaker internal reading on a positive day.
Today: Same Story, Slight Bounce
The divergence continues.
The Nasdaq 100 ($QQQ) is up +0.52%, but the Equal Weight Nasdaq ($QQEW) is down –0.54% — that’s a massive split.
Negative breadth doesn’t matter much to the indices until it hits the generals — $AAPL, $MSFT, $NVDA, $GOOGL, $AMZN — but it matters if you’re actually trading.
When the field narrows like this, it’s a warning to protect your capital and your mental capital.
I’m Leaning Short in the short-term (1-5 days).
I’m pressing some individual stock shorts via single inverse ETFs.
And I’m really not opposed to starting some positions in inverse index ETFs. I believe short-term, they are extended and are pricing in a lot of good news.
Final Thoughts
When you see the indices green but most stocks red, remember — it’s not a stock market, it’s a market of stocks.
The generals can only march alone for so long.
If you want to stay in tune with the market’s internal health and positioning, reach out.
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