Market Breadth Is Stunningly Negative

The S&P 500 (+1.3%) and NASDAQ (+1.9%) are trading sharply higher thanks to a surge in shares of Meta Platforms (META +21.%) and a big gain in Amazon.com (AMZN +7.65%) following strong earnings and/or guidance. That strength has spilled over to some other mega caps, which combined are offsetting weakness in shares of Apple (AAPL -0.4%) following its…