S&P 500 nears highs as more stocks hit long-term lows

The S&P 500 is nearing new highs even as more stocks sit at long-term lows than highs. The share of stocks in long-term uptrends is plunging, creating a breadth breakdown beneath a strengthening index. Analysts describe the reading as the worst in almost 100 years, with January 1973 and November 1999 the only remotely similar setups. Sharply weakening breadth has sometimes accompanied major market tops.