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.