According to @KobeissiLetter, only 25 percent of S&P 500 industry groups are trading above their 10-week moving average, the lowest share since the April sell-off, with just 6 of 25 sub-industries still above that level. @KobeissiLetter noted the share has dropped by about 60 percentage points in recent weeks, underscoring a sharp deterioration in participation. @KobeissiLetter also reported that roughly 44 percent of S&P 500 stocks are above their 50-day moving average, one of the lowest readings since April, signaling narrowing breadth. Traders use the percent of stocks above key moving averages to gauge market breadth and confirm or question headline index strength, source StockCharts ChartSchool. Because crypto has shown periods of positive correlation with US equities, crypto traders often monitor equity breadth as a risk sentiment proxy, source International Monetary Fund research on rising crypto–equity correlation.

According to The Kobeissi Letter, only about 26% of S&P 500 stocks have outperformed the index over the last three months, the lowest since early 2024, highlighting increasingly narrow market breadth, source: The Kobeissi Letter, X, Nov 10, 2025. The share of outperformers has dropped by roughly 40 percentage points since November 2024, signaling a sharp concentration into big tech leaders, source: The Kobeissi Letter, X, Nov 10, 2025. This mirrors the 2022 bear market episode when just 20% of stocks outperformed at the October low, source: The Kobeissi Letter, X, Nov 10, 2025. The current level also sits well below the approximately 45% five-year average, underscoring breadth deterioration, source: The Kobeissi Letter, X, Nov 10, 2025. As of Friday, only 55% of S&P 500 constituents were above their 200-day moving average, near the lowest since June, reinforcing the need to monitor mega-cap tech drivers, source: The Kobeissi Letter, X, Nov 10, 2025. Trading takeaway: concentrate risk monitoring on tech leadership and breadth gauges such as outperformer share and 200-day participation to guide equity exposure and to frame cross-asset sentiment that crypto traders track during risk-on or risk-off phases, source: The Kobeissi Letter, X, Nov 10, 2025.