The S&P 500 just hit new all-time highs last week. But only 20 of 500 stocks hit one with it. (The last time this happened was March 2000. The exact top of the dot-com bubble.)

The S&P 500 just hit new all-time highs last week. But only 20 of 500 stocks hit one with it. The last time this happened was March 2000. The exact top of the dot-com bubble. And the Nasdaq lost 78%. Here's what the headlines don't show you: \- 222 S&P 500 stocks are down over 20% below their highs \- Another 109 are down over 40% \- And barely half trade above their 200-day average This narrow breadth showed up in 1929. In Japan in 1989. In March 2000. And every time, it was the warning before the turn. The system is built to hide this from you. Index funds keep buying the same 20 winners because they're the biggest weights. That pushes them higher. Which makes them bigger weights. Which means more buying. The index will tell you everything's fine right up until it isn't. Market breadth is telling us the truth.