A 'correction looms' if the recent stock market rally doesn't expand beyond large tech stocks, technical analysts warn.
The agreement on a debt ceiling deal in Washington surely caused sighs of relief on Wall Street, but technical analysts are still ringing alarm bells about another topic: narrow stock market leadership. The recent gains for the market have been powered in large part by a few tech giants, such as Nvidia . But market breadth, or the measure of how wide-reaching a rally is, has ebbed.
"Something happened in early February when Computers began to massively outperform Consumers ," BTIG analyst Jonathan Krinsky said in a note to clients on Sunday. "Maybe it's a new paradigm, or maybe the 'real economy' i.e., the consumer is telling us something? We continue to side with the latter.
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