While breadth has been in free fall, this has had almost zero impact at the index level. Nearly 60 per cent of S&P 500 members are trading below their 200-day moving average, while about 75 per cent are below their 50-day equivalent. These tend to be the sorts of levels where breadth produced a bounce over the past five years, staging a rally that often drove further index gains. But for this to happen, the market needs a catalyst, something it lacks for now.





