Source: Bloomberg
If a small number of large technology stocks that continue to drive the S & P 500 Index have been eliminated, the rise of the broader market seems to be the end of the crossbow.
As the index moves from a record high to the next record high, the number of stocks participating in the feast this year has become less and less.According to the data of Bloomberg's as of last weekend, nearly one -third of the ingredient stocks have reached a monthly low in the past month, and the number far exceeds the stock index rising stocks in the past month.In fact, only 3.2%of ingredient stocks were scheduled to one month, including Apple and the recent market value jumped in the world's number one Nvida.
"The shortness is entering the market, and the bulls are still dancing on the tip of the knife," the technical analyst and investment group manager Andrew ThRASHER of Financial Enhancement Group."Now almost everything depends on Nvidia and Apple. You don't have to move the market to decline this market."
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Although 31 ingredient stocks have reached a record high of 31 ingredients this year, there are very few non -technology companies.According to the data compiled by Bloomberg's research stock strategist Gillian Wolfff, according to the medium value, 10 ingredients with the largest market value of the index in the past three months have risen by 17%, and the remaining ingredients stocks have fallen by 1.3%.
A series of indicators show that the market breadth is still insufficient, bringing uncertainty to the durability of the market.
The proportion of the S & P 500 index stocks above the 50th mobile moving average is declining, from 85%at the end of March and 92%in January to 47%on Monday.An index that measures the overall position of the US stock market is also hovering near the high point, making people worry that investors may have almost no space to increase their positions.
