The S&P 500 Index has experienced a strong rally in recent weeks, rising more than 18% over the past 35 trading days. In May 2025 alone, the index advanced by approximately 6.4%, marking the best May performance since at least 2009 and the best month since November 2023. Over the past year, gold has gained 40.4%, outperforming the S&P 500's 11.6% increase. Despite this recent surge, some equity analysts remain cautious, noting that May has historically been a weak month for S&P 500 returns. Additionally, over the last 20 days, the S&P 500 has consistently outperformed models based on global assets correlated to risk sentiment, with cumulative outperformance ranging from approximately 2.66% to 5.61% during this period.