As of March 2025, a concerning trend has emerged in U.S. stock markets, with only 41% of NYSE stocks trading above their 200-day moving average, the lowest level since November 2023. Similarly, only 44% of S&P 500 stocks are above their 200-day moving averages, marking the fewest since the same month. The Russell 2000 index has seen a drastic decline, with only 36% of its members above their 200-day moving average, reflecting a 22 percentage-point drop from a year ago, the worst deterioration for the index since November 2022. In the S&P 500 tech sector, only 22% of stocks are above their 200-day moving average. The Russell 2000 is currently down 17% from its November highs, with forward price-to-earnings ratios compressing similarly, indicating potential challenges ahead.