S&P 500 Cumulative A/D Line

While much of our attenion is focused on the S&P 500's proximity to its all time high price, equally noteworthy is that breadth for the index is also approaching its highs last seen in April 1998.  As the chart shows, during the bull market of the 1990s, breadth peaked nearly a full two years before the market.  Factoring in today's decline, the S&P 500's cumulative breadth is now 1510 net advancers below its 1998 high.