Market breadth is surging: 65.6% of S&P 500 stocks have outperformed the index over the last 3 months, the highest reading since late 2024. This is the 5th-strongest market participation in 23 years. By comparison, the long-term average is ~50% while the 20-year low was 19%. This marks a sharp reversal from late 2025, when the percentage hit 26%, signaling extreme concentration in mega-cap names. For reference, in full-year 2024 and 2025, only 29% and 31% of stocks beat the index, respectively. The bull market is broadening.(The Kobeissi Letter)