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Stock market breadth isn't as strong as it seems on the surface, Morgan Stanley says.
- The stock market's rally to new highs is not an entirely bullish story, according to Morgan Stanley's equity strategists.
- The rally has been narrow, as it has excluded some key tech stocks that had propelled the market higher.
- Other gauges of so-called market breadth are of concern to the strategists.
As the stock market soldiers on to new highs, some less bullish trends are brewing under the surface, according to equity analysts at Morgan Stanley.
They've have warned all year that stocks are in a rolling, drawn-out bear market.
While their thesis appears to fly in the face of the market's record highs, they're pointing to a group of indicators suggesting a rough patch ahead.
It's market breadth, used by technical analysts to gauge the direction beyond what a plain chart of the S&P 500 shows. ...
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