The stock market's big breakout still needs an under-the-hood check: Chart of the Day

The S&P 500 (US SP 500) has broken out to fresh record highs, but the rally lacks breadth confirmation: the advance-decline (A‑D) line has not yet made a corresponding breakout. Recent data show the average S&P 500 stock was up on just over seven of the last 12 sessions, with fewer than half of constituents rising on at least eight of those days and only ~20% up on nine or more—signaling leadership concentrated in technology, financials and parts of services while energy, staples and utilities lag. The setup remains tilted bullish, but durability depends on broader participation; without stronger breadth the move risks looking like a failed push near prior highs.