U.S. stocks are currently experiencing a "minority giants' celebration," with market breadth diverging to its most extreme level in nearly a century.

Key Data
Divergence days: 29 days in the first 93 trading days of this year, potentially reaching 79 days for the full year, far exceeding the 57-day record set in 2024/2025.
Driving forces: The index rebounded 16% from the late March lows, with only 10 stocks contributing about 70% of the gains.
Nature and Risks
This extreme divergence of "rising index but not individual stocks" has led the market to be called the "Cohan-Sa market"—a counterintuitive, upside-down logic.
Once the leading tech giants lose momentum, the narrow-based market supported by a limited foundation will face a sharp correction.
#标普500 #Market Breadth #科技巨头 #U.S. Stock Divergence