The market feels fragile when so many stocks go down and the indices hold up.
This prolonged negative breadth is likely to move stocks into stronger hands.
Breadth is negative, but the indices stay above key levels.
That kind of action begets good bottoms -- not this constant saving and sideways grind.
An unusually high number of stocks are gapping up and down on earnings.
The market has become quite narrow as a handful of stocks take the indices to higher highs.
Why a breakout should look like a breakout.
Small-caps and momentum names are down, but not so much as to predict a rally.
The battleground of 1150, which is the 50-day moving average line on the index, is more important than the S&P 500 action.
The S&P 500 makes a significant drop, and a lot of Nasdaq stocks make new lows.