Agreed. Maybe (trader) Chris Johnston can chime in here but I believe in the past that’s been a sign of a market on its last gasps, that is when the breadth is very poor but the indices keep rising on the backs of a handful of a few big, liquid stocks. I know that’s what happened in the blow-off in early-2000. It seemed like most of the stocks were declining but the biggest, most liquid names kept churning upward… until they stopped and ultimately reversed course.
