Ahead of the New York market opening, cross-asset models indicate a mixed outlook for the S&P 500 index. On February 4, the model projected a gain of +0.18% for the S&P, while futures were down by -0.19% since the prior close. The most bullish signal came from interest rates at +0.24%, while commodities provided the least bullish signal at -0.04%. In contrast, on February 3, the model had indicated a loss of -0.40% for the S&P, with futures down by -1.66%. Over the last 20 days, the S&P has underperformed the model by -1.78%, which suggests a decline in risk sentiment correlated with global assets. Additionally, the equal-weighted S&P 500 has been outperforming the cap-weighted S&P 500 and the Magnificent Seven stocks over the past month, indicating a shift in market dynamics.