The stock market is anything but normal right now — and these charts show it

The S&P 500 is trading just below record territory, yet the headline index's strength rests on a narrow foundation. Beneath the surface, most individual stocks are struggling, a divergence captured in charts comparing the index's advance with the performance of its typical constituent. In other words, the market's headline number and the experience of the average stock are telling different stories.

This pattern is often described as narrow breadth. When a relatively small group of large companies drives index gains, the index can climb even as many stocks decline. For investors, that matters because an index-level view may overstate how broadly the market is participating in the rally.

What to watch: whether breadth improves, with more stocks joining the advance, or whether leadership remains concentrated. Sustained narrowness can signal fragility, while broadening participation is generally viewed as a healthier backdrop. Neither outcome is a prediction — but both are worth monitoring.