Highlights

• With the S&P and NDX hovering just below their all-time highs, fewer and fewer stocks are holding up as well as that.
• Each index is currently wrestling with monthly timeframe resistance, so marginal deterioration in that context points to supply winning the battle over demand.
• While this does not preclude new all-time highs at the index level, we need to separate that potentiality from what happens beneath the surface.
• Failure to see a decisive shift in participation going. . .