As of February 21, 2025, the S&P 500 index is experiencing challenges in maintaining momentum, with recent cross-asset models indicating varied performance signals. Four hours before the New York market opened, the model projected a +0.04% gain for the S&P, while futures showed a slight increase of +0.05%. The most bullish signal came from Global Equities at +0.13%, whereas the Rates signal was the least bullish at -0.41%. Over the last 20 days, the S&P has cumulatively underperformed relative to global assets correlated to risk sentiment, with a decline of -3.43%. This trend follows a broader observation that the S&P 500 has struggled to break out, lagging behind European, Chinese, and Mexican stock benchmarks year-to-date. Investor confidence is waning due to concerns over tariffs, job cuts, and high valuations, suggesting that market indecision may precede a potential breakout.