Recent analyses indicate that the S&P 500 has consistently underperformed relative to global assets linked to risk sentiment over the past 20 days. The cumulative underperformance has reached -2.98% as of February 6, 2025. Observations also highlight a concerning trend in market breadth, with only 60% of S&P 500 stocks trading above their 200-day moving average, marking the weakest market breadth since 2024. Despite a general uptick in the market over recent months, the percentage of stocks exceeding their 200-day moving average has deteriorated, raising concerns among analysts regarding the sustainability of market gains as the S&P approaches new all-time highs.