While headline indices haven’t plunged, breadth withing US equity ETFs is starting to decline notably. As shown, of all the ETFs we track, only 14 are up more than 1% over the past week. In contrast, all of the bottom 20 are down over 2.4%. 30 of the 52 US Sector & Group ETFs we track are in downtrends, with only 15 of the 52 in uptrends. While the decline in breadth isn’t anything apocalyptic, we think it’s a risk factor that should be kept in mind for US equity longs.

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