Broadening Bull

The S&P 500 market-weighted stock price index is up 43.2% since the current bull market started on October 12, 2022 (chart). The equal-weighted version of the index is up 29.5% since it bottomed on September 30, 2022. This confirms our view that the bull market has been a broad one all along. The equal-weighted index has certainly been in a bull market, it just hasn't been as awesome as the one for the market-cap-weighted index. The former just rose to a new record high, while the latter did so in mid-January.

The ratio of the equal-weighted to the market-weighted indexes suggests that the former has underperformed the latter since the start of the bull market, which it has (chart). But that doesn't mean that it's been a narrow bull market.