The stock market is at a critical juncture. Wall Street is convinced it will resolve in the bulls' favor

Get Mike Santoli's Market Memo in your inbox first. SUBSCRIBE HEREThis is a deeply divergent stock market that almost no one saw coming and few are enjoying, but most everyone seems to think is about to resolve in their favor.The extraordinary split between the headline S&P 500 pinned just under a record high and the median stock in the index struggling in a 16% drawdown has been the lead topic of conversation on Wall Street. And entering this week, a consensus is coalescing around the idea that last week's tentative firming in the majority of stocks will bail out investors not fully committed to the mega-cap leaders.There was a time when semiconductors wallowing 17% below their peak and big banks off 13% would be hazard warnings for the leadership profile and staying power of a bull market just crossing its fourth birthday.But not here and not now.Goldman Sachs co-head of equity-derivatives sales Lee Coppersmith puts it this way: "By our preferred GS measure, breadth has now deteriorated to its weakest level since the DotCom Bubble. The headline index continues to mask just how difficult the tape has been underneath. The big question we're getting from clients now is whether t...