In early August 2025, the U.S. stock market exhibited weakening breadth despite the S&P 500 index ($SPX) hovering near its highs. By August 5, fewer stocks were trading above their 5-, 20-, and 50-day simple moving averages (SMAs), indicating a decline in short-term market breadth. Half of the S&P 500 constituents had fallen below their 50-day SMA, although the index itself remained about 3% above that level. On August 7, advancers dropped to 44%, with only 46.7% of stocks holding above their 20-day SMA, leading to a neutral breadth trend rating. Market breadth showed some signs of recovery by August 11, with advancers rising to 53.8% and heavy losses easing to 3.3%, but the short-term trend remained cautious. The advance-decline ratio favored declines at 1:2, reflecting ongoing underlying weakness. Mega-cap stocks, including Apple ($AAPL) and Microsoft ($MSFT), continued to outperform and supported the market, while energy and materials sectors led the downside early in the week. Small- and mid-cap ETFs such as $IWO, $IWM, $RSP, $QQEW, and $TRAN lagged behind, suggesting a divergence between large-cap leadership and broader market participation. Overall, despite the S&P 500 maintaining its level near 6400, market breadth indicated a cautious environment with potential for choppy trading ahead.