中东紧张局势缓和的希望推动美股上周强势上扬，标普500指数连续三日刷新历史收盘高位。
然而在这片繁荣景象之下，市场内在动能却显得后劲不足。
多项市场广度指标显示，本月这波反弹行情仍显狭窄——这通常并非股市涨势可持续的积极信号。
科技股成为本轮反弹的主要推手。截至上周五，英特尔、闪迪和超威半导体等个股月内涨幅均突破30%。而能源、公用事业和医疗保健等标普500其他板块则显著落后。
值得注意的是，当标普500于上周三创下战事爆发以来首个历史新高时，成分股中仅有11只个股盘中触及52周新高。随着伊朗宣称霍尔木兹海峡"完全开放"引发周五涨势，该数据有所改善——当日约48只个股（占指数成分股近10%）创下52日新高。
其他广度指标同样表现疲软。截至上周五，基准标普500指数表现较等权重版本（指数内每家公司权重相同）领先逾3个百分点。这凸显出本轮上涨更多由指数权重股驱动，而非市场普遍参与的结果。
不过仍有些许积极迹象显示市场广度正在改善。上周五约60%的标普500成分股收于200日移动均线上方。虽远不及2021年牛市期间该指标常驻90%上方的盛况，但相较几周前战事焦虑最甚时已有所好转。
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