Narrow leadership and day-to-day rotations among different groups in the stock market suggest that recent record highs on Wall Street could prove to be hollow, according to technical strategists. The S & P 500 and Nasdaq Composite have rallied during the second quarter and are currently within 1% of their record highs. But a closer look suggests that investors are running out of risk appetite.
" and reminds us of the kids game 'whac-a-mole', in that whenever one mega-cap name goes down, another one pops up and that continues to keep volatility suppressed and the index grinding higher," BTIG strategist Jonathan Krinsky said. These latest signs of weakness are part of the long-standing worry about the lack of market breadth .
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