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When market breadth turns south, savvy investors know that it’s time to remain cautious.

And that’s been the case for the past several weeks. And it’s looking perhaps even worse today.

Below are charts of the NYSE Advance-Decline Line (upper pane) and the Equal Weight S&P 500 Index ETF (RSP).

With so many bulls in the media, it’s a bit ironic that so many seem to wonder why the market is struggling and risk-on assets not doing well.

Note that the Advance-Decline Line peaked with a double top in 2021 and RSP peaked 22 months ago.

Furthermore, risk-on investors might want to keep an eye on what is happening with RSP at (1). It’s not looking so good right now. Stay tuned!

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