Stock Market Vs Market of Stocks

The NASDAQ 100 soared 7.6% in May but for the second month in a row more stock in the index were down than up.

Key Takeaway: While index-level price action leans bullish, it is fueled by increasingly narrow leadership. The lack of strength beneath the surface argues for caution.

More Details: For the second month in a row, both the S&P 500 and the NASDAQ 100 finished at a new 12-month highs. Also for the second month in a row, both of these indexes had more stocks that were down than up. The stock market (SPY) was up 0.5% in May, the market of stocks (RSP) was down 3.8% in May. Even more broadly, the Value Line Geometric Index finished last month at a new closing low for the year.

https://himountresearch.com/market_insight/stock-market-vs-market-of-stocks/