The S&P500 asset index is increasingly being buoyed by fewer and fewer strong stocks, while the general index loses strength. Some analysts at Bloomberg and Goldman Sachs have noted that this pattern has historically presaged more extended drops.

Bloomberg notes that the index as a whole is down 17% from all-time-highs achieved in February, but that the median fall for individual assets within the index is 28% within the same timeframe.

This is because the index’s top five equities, which are doing better than average, make up 20% of its overall value. This is “raising investor concerns about narrow market breadth” according to Goldman Sachs analyst David Kostin.

Previous low breadth record came before dotcom burstS&P500 chart by TradingView

This is higher than the previous record of 18%, achieved in March 2000, just before the dotcom bubble burst.

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