Chart of the Day - Tuesday, July 15, 2025

• The S&P 500 only fell -0.40% today, but breadth was extremely narrow. Technology was the only sector that closed higher, led by a +4.0% gain from Nvidia ($NVDA). 
   
• Only 49 stocks closed higher while the other 453 closed lower. Among the small group of advancers, roughly half were Tech stocks (24 of the 49).
   
• According to Duality, in the past 30 years, participation has never been so narrow on a day when the S&P fell just -0.40%. To quote the legendary Bob Farrell, "Markets are strongest when they are broad, and weakest when they narrow to a handful of blue-chip names."
   

The Takeaway: While the S&P 500 slipped a modest -0.4% today, breadth was extremely narrow, with just 49 advancers vs. 453 decliners. The trend remains firmly higher, but breadth deterioration often precedes short-term weakness.