Market Pulse: Weak SPX Breadth, QQQ Historic Gap Streak

1. $S&P 500(.SPX)$

Only 26% of S&P 500 stocks have outperformed the SPX over the last 3 months, one of the worst market breadth readings since 2020

Line chart titled Percent of stocks within the S and P 500 outperforming the overall index over past 3 months displays fluctuating percentage values from 2021 to 2025 with y-axis ranging from 20 to 80 percent and x-axis marking years arrows highlight recent low points at 23 percent in 2023 and 26 percent in 2024

2. $Invesco QQQ(QQQ)$

Nasdaq $QQQ has now gapped up at least 0.5% on the first trading day of the week 7 consecutive times, the longest streak in history

Line chart titled Nasdaq 100 ETF QQQ Streaks of Positive Gaps 0.5 percent to Start the Week displays vertical bars representing streak counts from 0 to 8 across years 1999 to 2024 with a prominent bar at 7 for the recent period and a horizontal axis marking years quarterly.

3.U.S. Equity Risk Premium is now negative 🚨 On a risk-adjusted basis, stocks offer zero return for investors 👀

Line chart titled U.S. Equity Risk Premium Are In Negative Territory displays S and P 500 earnings yield less 10-year Treasury yield in basis points from 2005 to 2024 with fluctuating line starting high around 700 in 2005 dropping to negative values recently horizontal

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