The Breadth Breakout 🌤️ The Morning Print
Good morning!
Futures are modestly lower as we kick off a new trading week.
Despite the soft start, last week delivered an important development beneath the surface: two key indexes closed at fresh all-time highs.
Let's take a closer look.
The NYSE Composite Index ($NYA) and the Equal Weight S&P 500 ($RSP) both closed at record highs last week.
This speaks directly to breadth and participation.
The NYSE Composite tracks more than 2,000 stocks listed on the NYSE, spanning large-caps, mid-caps, small-caps, and international companies.
When $NYA makes a new high, it suggests the advance isn’t confined to a narrow group of mega-caps, and participation is expanding across the board.
Meanwhile, $RSP is often viewed as a proxy for the “average” S&P 500 stock since each component carries equal weight.
New highs there indicate that gains aren’t being driven solely by the largest constituents, but by a broader share of the index.
When these two are registering new highs together, it reflects a more balanced advance, even as cap-weighted benchmarks feel the drag from a handful of concentrated names.
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