$S&P 500(.SPX)$ The market rallied today— however under the surface the character is changing and from my perspective it is not bullish.
Today marks the first time this year where breadth as measured by Net New Highs across NYSE and Nasdaq markets recorded as negative for back to back sessions.
Breadth as a stand alone measure is insufficient. When paired with trend and momentum it becomes more meaningful.
The uptrend is faltering, momentum is subtly fading, and breadth is negative.
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