Over the past 20 days, the S&P 500 index has consistently outperformed signals from global assets correlated to risk sentiment, achieving a cumulative outperformance of 5.34% to 5.67%. Despite this, the percentage of global markets exceeding their 50-day average remains low, indicating a divergence in market performance. The S&P 500 Semiconductor Industry is currently near an all-time high, yet only 20% of its members are trading above their 200-day moving average, marking the lowest level since November 2022. Additionally, the Semiconductor sector, represented by the SOXX index, has experienced four consecutive days of declines, the longest losing streak since March 2024. Over the past year, the S&P 500 has gained 33.1%, while the MSCI ACWI Ex-U.S. index has increased by 12.4%.