As of March 11, 2025, only 22% of S&P 500 technology sector members are trading above their 200-day moving average, marking a decline of 68 percentage points over the past year. The overall S&P 500 index has 47% of its members above this benchmark, the lowest level since November 2023. Additionally, the S&P 500 closed more than three standard deviations below its 50-day moving average for the first time since January 22, 2022, and before that, March 16, 2020. The semiconductor segment of the S&P 500 is nearing washout status, with only 5% of its members trading above their 200-day moving average. The S&P 500 index has reached its most oversold level since September 2022.