History points to further weakness in market breadth: Since 1990, October has experienced the weakest market breadth of any month, with just 51.7% of S&P 500 stocks trading above their 50-day moving

average. This follows September, when an average of 53.1% of S&P 500 stocks traded above their 50-day moving average over the same period. By comparison, December has had stronger breadth, with 64.2% of S&P 500 stocks trading above their 50-day moving average. Subsequently, January has seen the 2nd-strongest breadth, at 62.2%. Currently, just 21.4% of S&P 500 stocks trade above their 50-day moving average, down from ~70% in mid-August, marking their lowest reading since early April. Furthermore,

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