The S&P 500 has shown strong performance recently, with a 23-week streak of gains, the best in 35 years. It is on track for the best 100-day performance in a presidential-election year. The index's equal-weighted sectors are seeing a decline in positive relative trend scores, raising concerns about narrow leadership. Despite public sentiment, the index is up 12% in 2024 and 5% in May. Seasonal trends suggest potential further gains in June for the S&P 500.