The narrowness of the advance at least a medium term concern.

A historically narrow US equity advance near record highs, with 70% of S&P 500 stocks below trend, raises medium-term concern.

• Narrow advance flagged: Despite S&P 500 near record highs (up 16.6% YTD), 70% of components sit below their 55-day moving average and 175 stocks are flat or down for the year.
• Chip/power-management rally continues: Micron and Monolithic Power Systems surged (SK Hynix lagged), with Vicor also in focus as "picks and shovels" data-center power plays following Meta's MTIA chip news.

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