Spot Up. Vol Up. Breadth Breaking

Dangerous Breadth

The melt-up keeps getting narrower. While SPX continues grinding higher, breadth beneath the surface is quietly starting to break down in a way historically associated with much more fragile markets. Mega-cap AI and momentum names continue masking increasingly ugly internals beneath the surface, even as volatility dynamics and correlation behavior are starting to resemble some far more dangerous periods from the past.

The market keeps going up. Fewer and fewer stocks are actually participating.