Breadth is repairing, and repaired breadth is what long advances run on

After a stretch where a handful of names carried the index, more members are participating again. The equal-weight version is keeping pace, and advances are coming from more sectors than just one. That kind of repair is what long advances are built on.

Why participation matters

A narrow market depends on a few leaders staying perfect. A broad one can absorb a stumble in any single name because others are pulling their weight. Breadth does not tell you when a rally ends, but it tells you how much it can take.

Repair tends to happen quietly. The headline index may barely move while the internals improve underneath it.

What I'm watching

• Equal weight against cap weight
• The share of members above their long-term trend
• Sector participation in new highs

Where I stand

Long, on an advance that is getting broader rather than narrower. Healthier internals give the trend more room.

What would change my mind

The equal-weight index falling behind again while the large names carry on. That is breadth narrowing once more, and it would undo the repair.