For years, one of the primary factors lifting the U.S. stock market has been the fact that some of the economy’s biggest, fastest-growing names just kept rising. The strength of growth stocks, in particular some large technology and internet plays, has been a boon for momentum investors, who bet that recent outperformers will continue to do better than the overall market over the medium term. This trade has been one of the easiest ways for investors to make money, but analysts are increasingly concerned that its era may be drawing to a close. Morgan Stanley called for “a breakdown in both legs of momentum,” which it warned “could be a trigger for a significant market correction.” It’s “hard to walk with two broken legs,” it noted in a note to clients published earlier this week. Major indexes have been trending higher of late; the Dow Jones Industrial Average DJIA, -0.18% recently closed at its highest level since February while the S&P 500 SPX, -0.03% has risen for four straight sessions and is now near record levels. The Nasdaq Composite Index COMP, +0.06% is within 1% of record levels. While recent price action has been positive, however, Morgan Stanley is concerned about how breadth — the number of stocks rising compared with the number falling — was diverging from price.via