Market breadth is showing a narrowing of the rally, says Bespoke's Paul Hickey

Market Breadth & Rotation - S&P 500 and NASDAQ both hit new highs [1] - Market is experiencing rotation [1] - Breadth improved, which is what investors wanted to see [2] Technical Indicators & Concerns - Less than 60% of S&P 500 stocks were above their 50-day moving average, indicating a narrowing of the rally [2] - Short-term divergences between price and breadth aren't a big worry initially, but become more concerning the longer they last [3] Impact of Mega Caps & Russell 2000 - Rotation out of mega caps can cause a much bigger move in the rest of the market [3] - Russell 2000 finishing up 2% [4]