🚨 Market breadth is showing a significant deterioration beneath the surface: The S&P 500 has seen more 52-week lows than highs for 6 consecutive days, even as the index has rallied back to within 1% of its all-time high. Over the past month, the S&P 500 is up +1.2%, yet 9 of 11 sectors are negative, highlighting how narrow the market’s gains have become. The weakness is particularly visible in technology, with the SOX down ~14% from its June high, while 10 of its 30 stocks remain more than -30% below their 52-week highs and the average stock is down -26%. At the same time, less than 60% of Nasdaq 100 stocks are above their 200-day moving averages. Banks are also struggling, with the BKX Index down more than -10% from its 30-day high, while the S&P 500 remains near its record, creating a market setup last seen in January 2000, before the Dot-Com Bubble burst. The market is becoming increasingly fragile beneath the surface.