Over the past 20 days, the S&P 500 index has exhibited a strong performance, outperforming signals from global assets correlated to risk sentiment. The cumulative outperformance of the S&P has increased from +3.42% to +3.91% during this period. Additionally, the equal-weighted S&P 500 outperformed its cap-weighted counterpart by 1% last week, marking the best performance since early September 2024. Despite these gains, market sentiment indicators have turned bearish in recent weeks, suggesting a potential contrarian bullish signal. Analysts have noted that the performance of the S&P 500 this year has been heavily influenced by a limited number of technology stocks, a trend that is not uncommon among equity indices.