I am amazed at how much I am still reading about the narrow breadth of the market and the heavy influence of just a few stocks. While this has been true during most of 2023, the number of S&P stocks that are above their 50- and 200-day moving averages continues to grow indicating that this is a much healthier and robust market than many suggest.
Speaking of signs that the market is far healthier than many investors believe (especially short sellers who have been trounced this year), we offer the following:
The engine of our economy includes these important sectors: Technology, Semiconductors, and Home Builders. All 3 of these sectors just hit new highs. We believe this is a major positive for the markets. See below: