Breadth readings are important to how many pillars are available to support a building. From MMTH or "Percent of Stocks Above 200 Day Moving Average", we can easily see it tops out on February 2021. It keeps going down from 90% to 30% now. But, a few mega stocks overweighted the index like AMZN, AAPL, MSFT, GOOGL, FB, TSLA, NFLX distorts the picture where we only see the new highs even up to the beginning of 2022, only three weeks ago. However, when these mega stocks are no longer rally or tumble (NFLX -20% today) we will see there are not much support available for the indexes. It is still early stage of the beginning of bear markets. So please prepare accordingly.