Breadth 15, strength 2, regime NARROW / DEFENSIVE. After the close I ran the same scan I run every night — 600 stocks against their own moving averages, 52-week highs and lows, and the advance/decline tape — and very few stocks are doing the work. When a handful of names carry the index, the index is fragile: it can keep grinding higher, but it does not forgive surprises.
Breadth rose from 8 to 15 (+7). Strength held at 2. The regime label held at NARROW / DEFENSIVE.
How I read a night like this: narrow is not the same as bearish. Narrow tapes grind higher for weeks on a few leaders, so the question is not direction, it is dependency — how much of the index is one sector, and what happens to the count on the first down day. Watch whether breadth expands into any rally; if the index moves and the count doesn't, the move is being carried, not supported.
I read setups. I don't predict them. No targets, no calls — the numbers above are the whole read. Not advice. — Gexi