Cubic Analytics

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Cubic Analytics
Cubic Analytics
The Truth About Market Breadth

The Truth About Market Breadth

Caleb Franzen's avatar
Caleb Franzen
Jun 23, 2024
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Cubic Analytics
Cubic Analytics
The Truth About Market Breadth
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Investors,

The equal-weight version of the S&P 500 ($RSP) made positive gains during each trading session this past week, rising a total of +1.38% from the open on Monday.

With “weak breadth” being such a hot topic, this price structure and trajectory of RSP is telling us, perhaps, that breadth isn’t nearly as weak as headlines want us to believe.

I think some context is important:

  • Equal-weight S&P 500 ($RSP) is up +13.1% on a YoY basis.

  • Equal-weight S&P 500 ($RSP) is up +4.9% YTD (+10.6% annualized).

  • Equal-weight S&P 500 ($RSP) is up +24.15% since the October 2023 lows.

  • Equal-weight S&P 500 ($RSP) made new all-time highs on March 28, 2024 and is currently +2.5% away from making new ATH’s.

While the equal-weight version is underperforming the market cap-weighted index, none of the data above is indicative of a weak market market environment.

That’s just a fact.

On the contrary, I’m actually going to provide concise data in this report that fully details how breadth is expanding and improving over the past week, exactly as I outlined in last week’s edition of Cubic Analytics.

This edition of Cubic Analytics will cover the following:

  • An updated view on the key internal metrics for the S&P 500, which generally guide my outlook for the market and act as a “health check-up” for U.S. stocks.

  • An original & exclusive new study for the S&P 500, which just flashed last Friday for only the 4th time in 20+ years.

  • A discussion and in-depth analysis on valuations for U.S. stocks.

  • Sharing my long-term portfolio activity this past week.

The past four premium reports have covered a wide range of topics, which you can access below:

  1. “Politicians Pump Crypto”, a deep-dive on altcoin setups & long-term analysis on the crypto market, containing more than 45+ charts with different statistical tools, studies, & indicators. The report was published on May 26th.

  2. “Carnage In The Tech Sector”, focused on 15+ stocks in the software industry as a way to gauge broader industry and tech-sector dynamics. The report was published on June 2nd.

  3. “Revealing My Favorite Long-Term ETFs”, sharing the investment thesis and highlighting my favorite low-effort ETFs for matching or outperforming the S&P 500 over the long-run. The report was published on June 9th.

  4. “Revealing My Favorite ETF’s (Part 2)”, published on June 16th.

To access the reports above, this report, future premium reports, & to be invited to the weekly investor calls, consider upgrading your membership to a monthly/annual plan.

Without further ado, let’s begin…

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