According to @KobeissiLetter, the largest 100 US companies now account for roughly 68% of total US market capitalization, the highest concentration since the 1970s (source: https://twitter.com/KobeissiLetter/status/1996274986760470859). According to @KobeissiLetter, this share has increased by 23 percentage points over the past 20 years (source: https://twitter.com/KobeissiLetter/status/1996274986760470859). According to @KobeissiLetter, the S&P 500 excluding the top 100 has fallen over the referenced period, underscoring a dominance of mega-cap leadership that is directly relevant for index-weighted exposure and breadth-sensitive strategies (source: https://twitter.com/KobeissiLetter/status/1996274986760470859).

According to @stocktalkweekly, over 1,400 individual U.S. stocks are down more than 20% from their highs and roughly half of S&P 500 constituents are trading below their 200-day moving averages, signaling broad market weakness (source: @stocktalkweekly on X, Nov 20, 2025). The author adds that the market needs a near-term positive catalyst to avoid a deeper correction, highlighting the importance of large upside sessions that could reverse breadth deterioration (source: @stocktalkweekly on X, Nov 20, 2025). For crypto traders, weak equity breadth and drawdowns have historically coincided with risk-off moves in digital assets as BTC’s correlation with the S&P 500 rose notably after 2020, increasing spillover risk to BTC and ETH when stocks weaken (source: International Monetary Fund, Crypto Prices Move More in Sync with Stocks, Jan 2022). Actionably, a recovery in S&P 500 breadth above the 200-day moving average and strong upside “breadth thrust” days would be constructive signals for risk assets, while persistent sub-200DMA breadth raises downside risk for BTC and ETH given documented equity-crypto correlation (source: @stocktalkweekly on X, Nov 20, 2025; International Monetary Fund, Jan 2022).

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.