The Kobeissi Letter(@KobeissiLetter):The average US stock is struggling. The ratio of the equal-weighted S&P 500 to the S&P 500 index is down to 1.11, its 3rd-lowest level since April 2003. This ratio has declined for 5 consecutive weeks by a total of -5.5%. Over this period, the equal-weighted S&P 500 has fallen -4.4% while the S&P 500 has increased by +0.8%. This also puts the ratio on track for its 4th consecutive annual decline, the longest streak since 1999. By comparison, this metric peaked at 1.60 in April 2015. AI is carrying the entire stock market.

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The average US stock is struggling. The ratio of the equal-weighted S&P 500 to the S&P 500 index is down to 1.11, its 3rd-lowest level since April 2003. This ratio has declined for 5 consecutive weeks by a total of -5.5%. Over this period, the equal-weighted S&P 500 has fallen -4.4% while the S&P 500 has increased by +0.8%. This also puts the ratio on track for its 4th consecutive annual decline, the longest streak since 1999. By comparison, this metric peaked at 1.60 in April 2015. AI is carrying the entire stock market.