Market breadth is improving: The number of stocks on the NYSE and NASDAQ hitting new 52-week highs just hit its highest level in 2025. There have now been 18 consecutive weeks with more new highs than new lows, the longest streak since 2021. This matches the 18-straight weeks seen during the rally in Q4 2024. Furthermore, 60% of the S&P 500’s components are now trading above their 200-day moving average, near the highest share since December 2024. The S&P 500 has hit 25 all-time highs year-to-date, its second-best streak since 2021. Bullish momentum is incredibly strong.(The Kobeissi Letter)