Alas, one couldn't be further from the truth. In fact, the series of consecutive record highs last week have been entirely on the back of just a handful of stocks as market breadth has collapsed to levels that typically precede major downward market crashes.

While we previously discussed the unprecedented market cap concentration of just a handful of companies (spoiler alert: it's the FAAMGs with AAPL surpassing the $2 trillion barrier last week, and then adding a quick $100 billion in market cap on Friday on no news and merely due to a surge in call buying ahead of Monday's stock split record date, which pushed the stock within inches of $500/share) consider that all of last week's record highs in the S&P were set on negative breadth, meaning that there were more decliners than advancers.

It gets better: as the traditionally bullish and cheerful Bloomberg commentator Andrew Cinko writes, "Friday was even more outlandish in terms of narrowness" as it wasn't a market of stocks on Friday, but just one single stock that moved the market (guess which one):

87% of DJIA point gain came from Apple: (index +191pts vs AAPL's contribution 167pts)

103% of S&P 500 increase (11.7 vs 12.0)

148% of Nasdaq Composite (46.9 vs 69.7)

105% of Nasdaq 100 (78.1 vs 81.8)