S&P 500 market breadth is cause for concern for bulls

While the S&P 500 jumped to record highs on Monday on optimism over medical advances in potential coronavirus vaccine, market internals or data derived from constitutional stocks painted a relatively sober picture. 

As of Monday, only 59% of the S&P 500 stocks were trading above their 200-day simple moving average (SMA). The current market breadth looks similar to the situation seen ahead of the dot com crash, as noted by popular macro analyst Holger Zscaheptiz