Major benchmarks have been hitting records thanks to market-cap heavyweights like Nvidia, Oracle, and other tech giants, but most stocks remain well below their highs. Of the 1,300+ stocks in the MSCI World Index, fewer than a quarter are within 5% of record levels, and less than a quarter of the 1,100+ U.S. stocks in the NDR multi-cap universe are at 30-day highs (chart above). This measure, one of five thrust indicators in our Rally Watch Report, has dropped out of thrust mode, along with the others, all showing patterns of lower highs.
A shift to higher highs and renewed thrust signals would suggest a meaningful broadening of the advance, which currently appears to be losing momentum.
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