In December 2024, only 17% of stocks outperformed the S&P 500, marking the lowest share since tracking began 38 years ago. This indicates that 83% of stocks declined more than the S&P 500. Additionally, only 54 stocks in the S&P 500 closed higher during the month, compared to 449 that declined, resulting in a spread of -395, the lowest since September 2022. Furthermore, only 36% of S&P 500 stocks are currently trading above their 100-day moving average, the fewest since November 2023. The percentage of S&P 500 stocks outperforming the index over a rolling 21-day period also fell to 14.71%, nearing a record low of 14.51% set in July 2024. In a related development, cash levels in global investors' portfolios dropped to 3.9%, triggering a sell signal, according to Bank of America, based on a survey of 171 fund managers managing $450 billion in assets.