According to @KobeissiLetter, only 158 S&P 500 constituents are outperforming the index year-to-date, the third-lowest breadth reading since 1960, with only 1998 and 2023 narrower and a third consecutive year with fewer than 170 outperformers (source: @KobeissiLetter, X post on Nov 24, 2025). Concentrated leadership increases the need to confirm trend durability using cap-weight versus equal-weight gauges such as SPY versus the S&P 500 Equal Weight Index and RSP to assess whether gains are broadly supported or narrowly driven (sources: S&P Dow Jones Indices index methodology; Invesco RSP fund documentation). Traders also monitor the NYSE advance-decline line to validate participation when breadth is thin and to identify potential divergences during rallies (source: NYSE market statistics). Because BTC has shown a higher positive correlation with U.S. equities in recent years, crypto desks track equity breadth as a cross-asset risk-sentiment input when evaluating positioning in BTC and other digital assets (source: IMF 2022 analysis on rising crypto–equity correlations).

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).