By Lawrence G. McMillan
The S&P 500 index is performing at a far different rate than the “average” stock. This has been going on for a while and is not necessarily a bull market “killer,” but it is certainly not the healthiest of environments.
The S&P /zigman2/quotes/210599714/realtime SPX +0.75% , the NASDAQ-100 /zigman2/quotes/210598364/realtime NDX +0.63% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.09% are all at or near all-time highs. But the Russell 2000 RUT /zigman2/quotes/210598147/delayed RUT -0.37% is lagging behind, reflective of the poor internal strength of the overall market. The internal measurements show fairly heavy put buying, poor breadth on many days, and even more new 52-week lows than new highs.
What is propelling SPX and the narrow-based indexes is a relatively small number of large-cap tech stocks.