Recent data indicates a concerning trend for the S&P 500, with fewer than 40% of its stocks trading above their 100-day moving average, marking the lowest level since November 2023, excluding a brief period from December 24 to January 25. Additionally, only 48% of S&P 500 stocks are currently above their 200-day moving average, with 36 stocks crossing below this threshold recently. This decline has resulted in the highest percentage of S&P 500 members reaching new 52-week lows since October 2023, with 9% of the index's constituents hitting these lows. The index is also experiencing a weak bounce, with only 45% of its members trading above their 50-day moving average. Furthermore, cross-asset models indicate a projected loss of approximately 0.30% for the S&P 500 ahead of the New York market opening, while futures are down by about 1.15%. Over the past 20 days, the S&P has underperformed relative to global assets, with a cumulative underperformance of about 6.06%.