While the SP500 has held up relatively well due to a few mega-cap names holding up the index, the majority of stocks have been in a bear market for most of the year.
By comparing the SP500 and Nasdaq 100 to their equal weight counterparts, you can notice the enormous impact a select few names have had on the two indices.
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Typically, this type of bearish action that we are witnessing on most individual stocks trickles down to the actual indices, and the indices might catch-up to the stocks. However, one must keep an open mind that maybe individual stocks may start to act better and the market's breadth will broaden. As of right now I'm seeing subtle improvement on some individual names.