Argus

•

May 14, 2026

Sector(s)

Energy, Technology, Healthcare, Consumer Cyclical

Summary

While the large cap indices make all-time highs day after day, there are technical cracks everywhere else. This includes secondary indices, sectors, industries, and individual stocks. We have talked about poor market breadth, and perhaps the only thing we can say is that most money is invested in the mega-cap indices, so there is no problem until there is. We hear it's different this time -- and for now it certainly is. How long the AI party will last is unknown. So as we always do, we'll leave it up to price.  The NYSE and the Dow Jones have not exceeded their February all-time highs (ATHs). The S&P MidCap 400 (MDY) was last at an ATH on May 6, followed by a bearish engulfing candlestick and a potential false breakout. The S&P Small Cap 600 (SML) also peaked on May 6, has been down for four of the past five days, and is sitting on important short-term support at its 21-day exponential moving average. The Nasdaq 100 has 19% of its issues at ATHs, the S&P 500 has 8%, the MDY 5%, and the SML 4%. Some 8% of the QQQ's holdings are at 52-week lows, 9% of the S&P 500 and the MDY, and 5% of the SML. The QQQ has 20% of its issues at a one-month high, the S&P 500 has 12%, the MDY 7%, and the SML 6%. Yet 24% to 27%

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