The financial industry routinely uses the headline S&P 500 Index ($SPX), as tracked by the SPDR S&P 500 (SPY), to paint a picture of enduring market health. The mainstream narrative suggests that as long as the main averages hold near high ground, the broader equity market is functioning perfectly. I think that’s faulty logic.
I pulled up this chart of 20 of the biggest stocks in the U.S. market. I’ve excluded rookie SpaceX (SPCX), since the goal here is to see how much performance breadth there is among these established public companies.
