A rally leaning too far: A Jenga-high market with a wobbling base

ADR falls to 0.89 - November's gains now balance on a shrinking block of stocks, the lowest since February

Broader markets lagged even as benchmark indices hit fresh highs in November. The advance/decline ratio (ADR) for the month fell to 0.89, its lowest since February 2025. ADR tracks the number of advancing stocks relative to declining ones over a set period; a reading below 1 indicates more stocks fell than rose. 

This drop follows a four-month peak last month. Analysts point to retail investors redirecting funds towards initial public offerings (IPOs) and futures and options as a key reason for the narrow market breadth. In addition, sharp corrections in mid and smallcap stocks have left retail investors with limited