SPX rallied yesterday but on weak breadth

Weakening breadth is a market risk. The S&P 500 advance-decline (A-D) line has been sloppy. It did not confirm last week's high on the S&P 500 (Aug 28 The Chart Check), and the A-D line dropped to reveal weak breadth on yesterday's rally. The percentage of stocks above 20, 50, 100, and 200-day moving averages also dropped yesterday. In fact, the percentage of NASDAQ 100 stocks above 50-day moving averages declined to 38.6% even as the index rallied 0.79% yesterday.