According to @KobeissiLetter, the ratio of the equal-weighted S&P 500 to the cap-weighted S&P 500 has dropped to 1.11, the lowest since May 2003 and below the ~1.18 low seen during the 2008 Financial Crisis, signaling sharply deteriorating market breadth (source: @KobeissiLetter). The source notes the equal-weighted index has lagged the cap-weighted index for five consecutive trading sessions, and the ratio has fallen rapidly from ~1.50 at the 2022 bear-market bottom, mirroring late-1990s-style narrow leadership (source: @KobeissiLetter). The source characterizes the backdrop as large-cap tech dominance, underscoring concentrated leadership as a key consideration for equity positioning and risk management (source: @KobeissiLetter). The source did not provide crypto-specific data or any references to BTC, ETH, or other digital assets (source: @KobeissiLetter).