Breadth Weakness Not Consistent With Bull Market Behavior

New lows > new highs is a recipe for struggles

Key Takeaway: The bifurcation in the bull market behavior checklist persists. At the index-level, this market is behaving like a bull, but beneath the surface it is not.

More context: Trend indicators continue to rise, but strong and sustainable rallies tend not to produce more new lows than new highs. That, however, has been a persistent theme stretching back to late 2021.