Worsening participation is being felt across the broader market, which you can see with the percent of stocks trading above their 20-day MA across the major exchanges. That’s a good way of tracking how many stocks are trading in short-term uptrends.

You can see in the chart below that figure stood at 72% recently in mid-May. That showed solid participation in the rally. But since then, stocks in short-term uptrends are falling quickly with that figure now at 33%.