Chart of the Day - Tuesday, August 10th, 2021

Today’s Chart of the Day was shared by Strategas Research (@StrategasRP). Breadth has been improving recently, with the Equal-Weight S&P 500 (top) breaking out of a three-month range. However, the Russell 2000 (middle) and the Completion Index (bottom) remain rangebound. The Completion Index ($VXF) contains all of the US-listed stocks that are not included in the S&P 500. So, it's a broader representation of the total US stock market than a purely large-cap index like the S&P 500. In a comment to The Chart Report, Todd Sohn of Strategas Research said, "We've seen participation broaden out a bit in the last couple of weeks, but it hasn't really translated down the cap-scale just yet. We're still waiting on new highs from these other two indices to alleviate some of the fears of narrow participation."