The S&P 500 index has shown continued underperformance relative to global asset signals, with recent models indicating a cumulative underperformance of -7.55% over the last 20 days. As of April 11, 2025, the S&P is projected to open down by 0.22%, while futures are up by 0.21%. In contrast, international markets, particularly European, Japanese, and Hong Kong stocks, have outperformed the S&P by 7-12 points, a notable decrease from previous peaks. Over the past six months, the S&P 500 has declined by 9.53%, although it posted gains of 24% in 2023 and 25% in 2024. Analysts suggest a potential shift in capital flows, with indications that certain assets, such as gold and foreign stocks, are gaining relative strength amid the volatility in U.S. equities.