On The Verge Of Collapse: "Market Breadth Is Weakest Ever" JPM Finds, With Stock Leadership Narrowest On Record

Something odd is taking place below the surface of the nasdaq: while the Index is sharply higher today on the back of strong earnings from MSFT and GOOGL, and is just shy of a bull market from the October lows, there is less here than meets the eye. And, as we have noted repeatedly in recent weeks, today's action cemented what we already knew: Nasdaq breadth defined in this case by the advance/decline ratio, just hit a record low!

But it turns out it's not just Nasdaq: as JPM's Dubravko Lakos-Bujas noted in a recent note discussing the "Narrowest Stock Leadership, Extreme Concentration in Growth, Defensive Factor Crowding Underway", one can see a similar reliance on just a handful of stocks to push all markets higher.