Only your best friends will tell youIf I was a good friend to the US stock market, Id want to subtly do it a favor and save it from an embarrassing social faux pas. You see, the S&P500 has bad breadth. And as we all know, only your best friends will tell you.Lets take a look at nine major components of that index, and indeed of the overall stock market, and then compare them to the S&P500 index. Were looking for these sectors to confirm the new highs that the S&P500 made a little over a week ago on May 22nd.Below is the chart of the S&P500. Note my dashed green horizontal line that shows us how last weeks high was in fact a new one. Now lets take a look at the sector ETFs to dig into the markets breadth. Warning: This may get smelly.

The financials, below, show us that this sector did in fact put in a new high. It wasnt as impressive as the broader market in fact, it was almost flat to that of Januarys high but hey, a new high is a new high. Score 1 for financials.

Consumer discretionary stocks, which is represented by the ETF below (we sold this ETF a few weeks ago), didnt put in a new high in conjunction with the S&P500.

Consumer Staples, the ETF of which we bought recently, were flat. No new high in conjunction with the S&P500s.

Utilities we own this ETF too. Basing, but no new highfar from it!

Technology ETFan impressive new high in conjunction with the broader index. Score 2, now, for the confirming sectors.

Healthcare. Close, but no cigar. Flat to its March high. Some might argue lower if you look at the intraday highs in March.

Industrials no way, Jose.

Energy. No new high in May. No surprise!

Materials tried and came close to matching the S&P500s new high. But close only counts in horseshoes and hand-grenades, they say. No score.

So lets tally it up. We have 9 major sector ETFs presented above, two of which made new highs in conjunction with the broader S&P500 index (I covered Dow-Theory transports divergence in last weeks blog). So thats non-confirmation by 7/9 significant sectors.Hate to say it, Mr. Market, but youve got bad breadth.http://www.valuetrend.ca/