Charts of the Day: Still Harping on Breadth, And a Quick Note on the Fed

I hate to keep harping on stock market breadth, but it's been remarkably stinky of late... Once again, this morning, the headline averages (SP500, Nasdaq, Dow) are seeing green, while the majority of stocks are bleeding red.

Zooming in on the table, as I type, only 29% of SP500 members are trading higher, with tech up nicely (although less than half of the stocks trading in that space are actually up), as are industrials, energy, utilities and communication services... All the while, healthcare, consumer discretionary, materials, consumer staples, financials and real estate are taking a hit:

And here's the SP500 (white) and the SP500 Equal Weight (green) -- the latter weights all members equally -- since last Friday:

Year-to-date:

So, what's my point?  Just continuing to stress how concentrated and narrow the action has been during the latest melt up... I'd feel much better if more boats were rising with the present tide!

On another note, the Fed wraps up their October meeting today... As I mentioned in yesterday's video, if they halt "QT" I'd expect stocks to notably welcome it... We'll get the quarter-point fed funds rate cut either way.

If, on the other hand, Powell sounds at all hawkish on go-forward policy, well... let's just say stocks will not welcome that.

Odds, and the latest rhetoric, favor an accommodative Fed for now.

Stay tuned...