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# The Maverick of Wall Street: This Is the Unhealthiest Stock Market Rally in History
- URL: https://www.smartinvestingsociety.com/the-maverick-of-wall-street-this-is-the-unhealthiest-stock-market-rally-in-history/
- Published: 2024-06-21T11:25:52.000Z
- Updated: 2024-06-21T11:25:52.000Z
- Author: Smart Investing
- Tags: Stock market, Tech stocks, Trading Strategies, #wp, #wp-post, #Import 2026-09-30 15:32

Stocks continued higher over the past week, with the Nasdaq and S&P 500 hitting new all-time highs. However, while the headline numbers have been ticking higher, behind the scenes, danger is emerging.

That’s because the market rally is being driven by just a small number of companies. In Wall Street speak, that’s known as market concentration. And market concentration has now become worse than compared to the tech bubble.

For 2024 alone, **Nvidia (NVDA)** has been responsible for 32% of the S&P 500’s entire rally. And if you add in the next two mega-cap tech companies, add another 13% to that total.

Meanwhile, the lowest 400 stocks of the S&P 500 have been negative this year, on average. That’s an unhealthy sign.

In a healthy market, most stocks will rise when the index rises. Backing out the tech giants, one could even argue that we’re not even in a bull market. And, we haven’t been since the end of 2021, over two and a half years ago.

If the big tech names take a hit, the overall market could easily reverse. And today’s all-time highs could quickly turn the other way.

As the old Wall Street saying goes, they don’t ring a bell at the top. But there are signs. And massive concentration masking a potential bear market already is one of them.

[To watch the full analysis (language warning), click here.](https://www.youtube.com/watch?v=vjEGf9NLeQw&ref=smartinvestingsociety.com)