Stocks may be trading at record highs, but the market looks far more fragile under the surface.
Among the signals: More stocks declining than rising, a greater number of 52-week lows than highs, and a drop in small-cap stocks.
Despite all this, the Dow Jones Industrial Average hit an all-time high on Wednesday and the S&P 500 traded near a record set on Sept. 21, suggesting the recent run-up is being led by just a few stocks.
