Summary
Market breadth, like the stock market, continues to offer a confusing picture that is dependent on the data series used. It is best when breadth is leading price to new highs, and also bullish when breadth is tracking price. When breadth is failing as prices rise, generally there is an internal warning that something isn’t right. While the current number of stocks above their 200-day averages is right down the middle, we are seeing a more-bullish story from the advance/decline lines of the major indices.
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Source: https://finance.yahoo.com/research/reports/ARGUS_36438_TechnicalAnalysis_1683804661000?yptr=yahoo&ncid=yahooproperties_plusresear_nm5q6ze1cei