The Stock Market’s Bad Breadth

Wilson sees a resilient S&P 500 masking deteriorating breadth, and expects a 5–10% index correction before a stronger year-end rally.

• Narrowing breadth: Over half of Russell 3000 names sit 20%+ below June highs; S&P 500 forward P/E has slid to 19x, near a 2026 low.
• Breadth vs. price gap: Stocks above their 200-day moving average fell from ~75% to below 50% since Jackson Hole, even as the index held up.

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