Market breadth has deteriorated significantly, with less than 36% of S&P 500 stocks currently trading above their 200-day moving average, marking the lowest level since November 2023. This figure has dropped sharply from over 60% just a month ago. In the technology sector, only 19% of S&P 500 tech stocks are above their 200-day moving average, indicating a continued decline. Additionally, the share of NYSE stocks above their 200-day moving average has fallen to 41%, a decrease of approximately 20 percentage points in recent weeks. Conversely, the percentage of stocks below their 200-day moving average has reached new highs, with 59% of S&P 500 stocks, 65% of S&P 400 stocks, and 70% of S&P 600 stocks now trading below this benchmark, suggesting a bearish trend in the market.