Chinese stock markets have experienced a tumultuous start to 2025, marking their worst first day of trading since 2016. Following the initial downturn, authorities have intervened, attempting to stabilize the situation. Concurrently, the S&P 500 has shown signs of weakness, with only 52% of its stocks trading above their 200-day moving average, the lowest in nearly 14 months. Additionally, just 25% of S&P 500 stocks are above their 50-day moving average, nearing levels seen during the November 2023 low. The S&P 500 concluded 2024 with a gain of 23.3%, representing two consecutive years of over 20% gains, while the median stock in the index is more than 12% below its peak, with over a quarter of the stocks in drawdowns of 20% or more.