Better Bull Breadth?

The latest bull market started on October 12, 2022. Its detractors have been saying that it may not be the real thing. They've observed that it has been narrowly led by the MegaCap-8. That's true. The bearish naysayers have concluded that the bull market therefore isn't sustainable. We disagree. Our alternative outlook is that the bull market should broaden, which may be starting to happen. Consider the following:

Since October 12, 2022, only two of the 11 sectors of the S&P 500 beat the index (up 27.8% since then), namely Communication Services (43.5%) and Information Technology (58.4%) (chart). Both were led by MegaCap-8 names.