S&P 500 and Trend Strength by Market Cap US small caps are leading the breadth picture, with 67% now trading above the 200-day moving average, the highest reading since 2021. That’s a healthy signal, but it doesn’t guarantee the outperformance will last. Image: Hi Mount Research
Market Breadth – Percent Below 52-Week High S&P 500 Index Less Median Stock The S&P 500 52-week market breadth improved meaningfully last week, a development bulls tend to welcome since durable rallies usually require participation beyond a narrow cluster of names. Image: Goldman Sachs Global Investment Research
U.S. Equity Market Speculative Trading Indicator Animal spirits are building, but not yet overheating. Retail activity and Goldman Sachs’s Speculative Trading Indicator are firm, still short of past cycle peaks. Image: Goldman Sachs Global Investment Research
Short Interest as % of Market Capitalization S&P 500 Median Short interest in the median S&P 500 stock sits at 3.2%, a relatively elevated level, but the rise appears driven by hedging activity rather than bearish conviction, offering little evidence of a market inflection point. Image: Goldman Sachs Global Investment Research
Average Percentile Rank for U.S. Equity Market Concentration, Valuation, and Magnitude of Rally U.S. equities are flashing familiar signs: rich valuations, heavy concentration, and outsized recent returns. This is less a signal that a crash is imminent and more a reminder that expectations leave little room for error. Image: Goldman Sachs Global Investment Research
S&P 500 – Corrections vs. Bear Markets The S&P 500 now stands roughly 83% above its long-term trend, with the Shiller CAPE close to 42. Even a 20% selloff would fall short of signaling a regime shift. It would be a routine correction in a continuing bull market. Image: Real Investment Advice
Indexed Market Cap and Consensus Fwd 12m EPS Estimates for S&P 500 Companies Earnings momentum is driving the AI infrastructure complex’s outperformance so far this year, with capital flowing to names that are already translating AI demand into visible revenue growth, order strength, and profit expansion. Image: Goldman Sachs Global Investment Research
Annual U.S. Equity Issuance as % of Russell 3000 Market Cap “$600 billion in U.S. equity issuance in 2026” grabs attention and feeds the doom narrative. But relative to the total value of U.S. equities, it is not that large. Big number, yes, but scale matters. Image: Goldman Sachs Global Investment Research
After Narrow Market Leadership: Drawdowns in the Leading Sector Across decades, concentrated leadership has signaled fragile market health: when only a few sectors drive gains, weakening breadth tends to precede sharp declines. Image: Real Investment Advice
Global Market Implied Equity Risk Premiums With equity risk premiums squeezed in the U.S. and Japan, stocks are offering little extra return over bonds, making the trade harder to justify and raising the odds of investor disappointment. Image: Goldman Sachs Global Investment Research
Ownership of the U.S. Equity Market U.S. households hold 40% of the U.S. equity market. That sounds like broad ownership. In reality, nearly 90% of that stake is held by the wealthiest 10%. Image: Goldman Sachs Global Investment Research