S&P 500: Is It Just a Few Heavyweights Carrying the Market?

I just came across an interesting chart that I’d like to share\^. On Friday, the S&P 500 rallied 1.26%, trimming its weekly loss to 0.5%. While this rebound might seem strong from a price perspective, a deeper look at market breadth paints a different picture. The number of new lows actually increased on Friday, while the number of new highs remained unchanged and far below the number of new lows. This suggests that the rally was largely driven by a few heavyweight stocks in the index, rather than reflecting broad-based demand. Market breadth remains notably weak, offering little evidence of a robust recovery. Without stronger participation across the broader market, this uptrend lacks the foundation for sustainability. Is this just a temporary relief rally, or are we looking at more turbulence ahead?