The advance in those indexes, particularly the S & P 500, has been very uneven, even with last week's broad rally.
Lowry Research analysts noted that investors simply in the S & P 500, or in tech stocks, were clearly in an up market.
Lowry noted that 48.2% of all operating-company only stocks are 20% or more below their 52-week highs, which Lowry and others define as bear market territory.
That's far worse than the 32% that were in bear market territory on February 2, when the S & P 500 was at a new high for the year.
"Bull markets are hard-pressed to last when the number of stocks entering 'bear market territory' grows," Lowry noted.
Persons:
You'd, Chadha, SPX, Venu Krishna, Lowry, Russell, Quincy Krosby
Organizations:
Deutsche Bank, Barclays, Street Journal, Lowry Research, LPL