Bearish for the S&P 500
SPX-Nasdaq Performance Divergence
Updated 13 October 2026
The bearish argument: Sources highlight that the S&P 500 has struggled to keep pace with the Nasdaq's rally, with all gains since mid-September concentrated in technology stocks while broader market breadth remains weak. Fewer than half of S&P 500 companies are trading above their 200-day moving averages, indicating deteriorating trend strength outside the technology sector.
What changed?
Not in yesterday’s coverage · 3.6% of S&P 500 coverage today
The idea itself is not new: the recorded share reached 3.9% on 20 July. Renewed coverage does not necessarily mean new evidence.
How attention has changed
3.6% of S&P 500 coverage
Rolling 3-day share · as of 13 Oct 2026
This measures attention in published coverage, not the likelihood of a price move.
| Date | Share of coverage |
|---|---|
| 2026-09-14 | 0% |
| 2026-09-15 | 1.2% |
| 2026-09-16 | 0.6% |
| 2026-09-17 | 0.4% |
| 2026-09-18 | 0% |
| 2026-09-19 | 0% |
| 2026-09-20 | 0% |
| 2026-09-21 | 2.3% |
| 2026-09-22 | 0.9% |
| 2026-09-23 | 0.6% |
| 2026-09-24 | 2% |
| 2026-09-25 | 1.4% |
| 2026-09-26 | 0.9% |
| 2026-09-27 | 0% |
| 2026-09-28 | 0% |
| 2026-09-29 | 0% |
| 2026-09-30 | 0.7% |
| 2026-10-01 | 0.4% |
| 2026-10-02 | 0.4% |
| 2026-10-03 | 0% |
| 2026-10-04 | 0% |
| 2026-10-05 | 0% |
| 2026-10-06 | 0% |
| 2026-10-07 | 0.9% |
| 2026-10-08 | 0.4% |
| 2026-10-09 | 0.3% |
| 2026-10-10 | 0% |
| 2026-10-11 | 0% |
| 2026-10-12 | 0% |
| 2026-10-13 | 3.6% |
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The argument and its evidence
Several outlets can carry the same argument; no single article is its origin. Read each one in its own context.
Recent coverage
-
CNBC · Published 12 Oct 2026
What’s likely to move the market
In coverage record: 13 Oct 2026
“higher oil prices and falling memory stocks kept the S & P 500 in check”
Read article -
Business Insider · Published 12 Oct 2026
The Tough Truth Under the Surface of the 4-Year-Old Bull Market in Stocks
In coverage record: 13 Oct 2026
“just how sustainable a bull rally can be if it's only being powered by a handful of companies, while the rest of the S&P 500 muddles through”
Read article -
Moneycontrol · Published 12 Oct 2026
Shares seesaw in Asia as earnings loom, oil skids
In coverage record: 13 Oct 2026
“all the gains in the S&P 500 since mid-September had been in tech”
Read article -
New York Post · Published 12 Oct 2026
4 in 10 S&P stocks are down this year
In coverage record: 13 Oct 2026
“Fewer than half of current S&P 500 companies are trading above their 200-day moving averages, suggesting a weak trendline for those names”
Read article -
CNBC · Published 6 Oct 2026
How the S&P 500 can be at record highs, while the market remains oversold
In coverage record: 7 Oct 2026
“about three quarters of the stocks in the index were in the red between Aug. 13 and Monday's close”
Read article
Earlier coverage
-
The Economic Times · Published 29 Sep 2026
AI bubble to burst sooner than expected? Michael Burry believes it would take only one season of revenue disappointment
In coverage record: 30 Sep 2026
“Burry said he continues to believe that the market is close to a major top, warning of a similar crash to that of 1987”
Read article -
Seeking Alpha · Published 23 Sep 2026
Near New Highs, Short On Company
In coverage record: 24 Sep 2026
“many of its stocks have considerably more ground to make up”
Read article -
CoinDesk · Published 23 Sep 2026
The S&P 500 has a 'breadth' problem. Crypto doesn’t: Crypto Daily
In coverage record: 24 Sep 2026
“As of Wednesday, 257 out of the 500 stocks traded below their 200-day MAs. In other words, breadth was bearish.”
Read article -
ABC (Australian Broadcasting Corporation) · Published 20 Sep 2026
Markets live updates: ASX set to slide despite Wall Street edging up and lower oil prices
In coverage record: 21 Sep 2026
“Wall Street's benchmark S & P 500 eked out a small gain on Friday but still made a marginal loss over what was a volatile week's trading.”
Read article -
CNBC · Published 14 Sep 2026
'All eyes on the Fed': What NYSE insider Jay Woods is watching this week
In coverage record: 15 Sep 2026
“The momentum looks lower. So we are really focused on that 7,600 level and what Warsh has to say Wednesday afternoon. The S&P 500 has been trading in a narrow range, with Woods watching 7,600 as an important technical level — the index's 50-day moving average.”
Read article -
Barchart · Published 2 Sep 2026
Is Progressive Stock Underperforming the S&P 500?
In coverage record: 3 Sep 2026
“However, shares of PGR fell 3.2% on a YTD basis and dipped 10.7% over the past 52 weeks, underperforming the index's 11.5% uptick and 18.1% rise over the last year.”
Read article -
EUROPE SAYS · Published 30 Aug 2026
The S&P 500 Keeps Hitting Highs
In coverage record: 31 Aug 2026
“If Microsoft or Nvidia stumble, their enormous weight means their declines can pull the index lower even if hundreds of smaller companies are performing well. Conversely, their gains can mask weakness elsewhere — exactly what Bespoke's latest data shows.”
Read article -
Seeking Alpha · Published 30 Aug 2026
Druckenmiller Warning: The Bond Market Already Priced It
In coverage record: 31 Aug 2026
“The market remains within a stone's throw of previous highs, but underlying momentum quietly rolls over. However, the internals told a different story.”
Read article -
Barchart · Published 28 Aug 2026
Is Tesla Stock Underperforming the S&P 500?
In coverage record: 29 Aug 2026
“The stock is down 19.2% over the past three months, underperforming the S&P 500 Index's ($SPX) 2.8% rise during the same time frame. Moreover, TSLA has lagged behind the broader market over the longer term. The stock has grown 3.3% over the past 52 weeks, while SPX delivered 19.3% returns over the same time frame.”
Read article -
Los Angeles Times · Published 27 Aug 2026
Tech stocks lead Wall Street after Nvidia, Salesforce and others say AI is creating big growth
In coverage record: 28 Aug 2026
“Elsewhere, though, trends were more mixed across big U.S. companies, and the majority of stocks within the S&P 500 fell. Best Buy and other retailers sank amid continued worries that U.S. shoppers could be stretched because of high inflation and discouragement about the economy.”
Read article -
Investor's Business Daily · Published 25 Aug 2026
Nearly Two-Thirds Of The S&P 500 Already Sell Off In A Big Way
In coverage record: 26 Aug 2026
“Nearly Two-Thirds Of The S&P 500 Already Sell Off In A Big Way”
Read article -
WTOP · Published 18 Aug 2026
How major US stock indexes fared Tuesday 8/18/2026
In coverage record: 19 Aug 2026
“Wall Street pulled further from its all-time high Tuesday as AI stocks got back to sinking. The S&P 500 fell 0.7% for a third straight modest loss since setting its all-time high on Thursday.”
Read article -
The Economic Times · Published 17 Aug 2026
Michael Burry revives AI warnings, Big Short investor says 'You could have heard it first'
In coverage record: 18 Aug 2026
“Burry said he continues to believe that the market is close to a major top, warning of a similar crash to that of 1987 when Dow Jones recorded a historic 23% plunge...massive venture capital flows, rising AI debt issuance, and extreme market optimism are creating conditions where valuations may detach from economic reality”
Read article -
Devdiscourse · Published 10 Aug 2026
Market Volatility: The Impact of Geopolitical Tensions
In coverage record: 11 Aug 2026
“Over 85% of S&P 500 companies have surpassed estimates, but economic indicators, such as job reports and potential policy changes from the Federal Reserve, keep traders on edge.”
Read article -
The Economic Times · Published 10 Aug 2026
Elon Musk vs Michael Burry: World's richest man says AI internet traffic will outpace humans, market expert asks who is paying
In coverage record: 11 Aug 2026
“Burry has been betting against several AI heavyweights and recently said he continues to believe that the market is close to a major top, warning of a similar crash to that of 1987 when Dow Jones recorded a historic 23% plunge.”
Read article -
The Economic Times · Published 10 Aug 2026
Elon Musk vs Michael Burry: World's richest man says AI internet traffic will outpace humans, market expert asks who is paying
In coverage record: 11 Aug 2026
“Burry has been betting against several AI heavyweights and said he continues to believe that the market is close to a major top, warning of a similar crash to that of 1987 when Dow Jones recorded a historic 23% plunge.”
Read article -
International Business Times · Published 6 Aug 2026
The S&P 500 Rally Is Sparks Bubble Fears. A Chart Analyst Sees Warning Signs
In coverage record: 7 Aug 2026
“The benchmark index climbed more than 5% over the four trading sessions ending Tuesday while simultaneously reaching a new 52-week high, an unusually rare combination that has occurred only three other times over the past 30 years. Those previous instances came in April 1999, March 2000 and November 2020. The March 21, 2000 occurrence was particularly notable because it came just one day before the peak of the dot-com bubble.”
Read article -
Benzinga · Published 5 Aug 2026
'The Big Short' Investor Michael Burry Holds His Ground on Nvidia, Tesla and Other Shorts- Warns Of 1987-
In coverage record: 6 Aug 2026
“Michael Burry said 'I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new money into the market.'”
Read article -
Seeking Alpha · Published 31 Jul 2026
AI Stocks Cracked In July, New S&P 500 Challenges Emerge In August
In coverage record: 1 Aug 2026
“New S&P 500 Challenges Emerge In August”
Read article -
Barchart · Published 29 Jul 2026
The S&P 500’s Danger Zone Is Hiding in These 100 Stocks. 2 Ways to Protect Yourself from the Implosion.
In coverage record: 30 Jul 2026
“SPHB's chart above is waving a red flag for me. You can essentially see the sell orders dripping in, weighing down the chart. And when bounces happen, they do not last.”
Read article -
Finbold · Published 29 Jul 2026
Expert maps upcoming 10% S&P 500 crash
In coverage record: 30 Jul 2026
“TradingShot highlighted that the S&P 500 has repeatedly failed to break above its 50-day moving average (MA50), which has now turned into a resistance level. At the same time, the daily Relative Strength Index (RSI) has been forming lower highs, creating a bearish divergence.”
Read article -
The Atlanta Journal-Constitution · Published 24 Jul 2026
Stocks waver while crude oil prices fall for the first time in a week
In coverage record: 25 Jul 2026
“The S&P 500 fell 0.1%. The index is on track for its second consecutive losing week, which hasn't happened since March.”
Read article -
Devdiscourse · Published 24 Jul 2026
Tech Investor Jitters: AI Spending Sparks Market Concerns
In coverage record: 25 Jul 2026
“The S&P 500 closed nearly even, its downturn driven mainly by chip stocks within the S&P 500 technology index.”
Read article -
Seeking Alpha · Published 19 Jul 2026
ICF: REIT Sector Remains Attractively Valued This ETF Provides That Exposure (BATS:ICF)
In coverage record: 20 Jul 2026
“We've been seeing broader equity market weakness as represented by the S&P 500 and Nasdaq indexes, as chip stocks that rallied sharply start to pull back.”
Read article -
Markets Insider · Published 17 Jul 2026
S&P 500 Top Stock Gainers Today, 7/17/26
In coverage record: 18 Jul 2026
“The S&P 500 (SPX) closed Friday in negative territory amid weakness in tech stocks and a rally in oil prices. Meanwhile, the communication services sector faced the largest drawdown.”
Read article -
The Economic Times · Published 17 Jul 2026
Chipmakers and other high-flying stocks slide as AI trade wobbles
In coverage record: 18 Jul 2026
“After outperforming the benchmark S&P 500 by more than two-to-one this year, the S&P 500 Momentum Index has pulled back 10% in July, compared to a 0.8% drop in the broader market.”
Read article -
The Atlanta Journal-Constitution · Published 17 Jul 2026
The global sell-off for AI stocks is deepening, while oil prices keep climbing
In coverage record: 18 Jul 2026
“The S&P 500 dropped 1.3% and was on track to close out its first losing week in the last three and just its third losing week in the last 16.”
Read article -
Business Insider · Published 13 Jul 2026
S&P 500 Could Struggle for Months Before Rally Resumes, Research Firm Says
In coverage record: 14 Jul 2026
“The S&P 500 Cycle Composite... suggests that the market is headed for a period of weakness.”
Read article -
Financial Post · Published 9 Jul 2026
Where to invest now as U.S. stock markets get bubbly
In coverage record: 10 Jul 2026
“But now, the S&P 500 may be at never-before-seen levels of overvaluation, according to recent research from analyst Joachim Klement of Panmure Gordon.”
Read article -
Barchart · Published 5 Jul 2026
The Ultimate Cause of Death for Retail Investors Could Be Buying the S&P 500 Dip in 2026
In coverage record: 6 Jul 2026
“You don't get a move from $1,000 to $7,500 over 15 years on fundamentals, valuation, and tech innovation alone. You need a massive injection of liquidity by central banks, and an undying belief that when the market is down in price, you buy and don't ever sell.”
Read article -
The Atlanta Journal-Constitution · Published 22 Jun 2026
US stocks drift near their records in mixed trading after oil prices fall
In coverage record: 23 Jun 2026
“The S&P 500 slipped 0.3%, coming off its 11th winning week in the last 12, and pulled 1.7% below its all-time high set early this month.”
Read article -
The Atlanta Journal-Constitution · Published 22 Jun 2026
US stocks drift after oil prices ease and Big Tech stocks fall
In coverage record: 23 Jun 2026
“The S&P 500 slipped 0.4%, coming off its 11th winning week in the last 12, and pulled 1.8% below its all-time high set early this month.”
Read article -
Finbold · Published 3 Jun 2026
U.S. stock market just entered ‘Black Monday’ crash territory
In coverage record: 4 Jun 2026
“The U.S. stock market has entered a zone last seen ahead of the 1987 Black Monday crash after the S&P 500 recorded one of its strongest two-month rallies in modern history.”
Read article -
Benzinga · Published 3 Jun 2026
Stock Market: Will The S&P 500 Open Up Or Down Today?
In coverage record: 4 Jun 2026
“Polymarket traders are leaning toward a weaker start for the benchmark index on Wednesday.”
Read article -
CNBC · Published 2 Jun 2026
The last time the S&P 500 rose this rapidly - outside of recession periods - was before the 1987 crash
In coverage record: 3 Jun 2026
“The speed of the market's run-up in the last two months is worrying investors it could overheat soon. The S & P 500 was up more than 16% over April and May, a magnitude that's only happened in four other instances since World War II.”
Read article -
Daily Excelsior · Published 12 May 2026
Asian shares trade mixed after Wall Street rally despite Iran war worries
In coverage record: 12 May 2026
“Global equities remain dangerously dependent on a tiny cluster of AI leaders, creating a rally structure that looks powerful on the surface but increasingly fragile underneath.”
Read article -
Investing.com · Published 6 Apr 2026
Oil Shock Sets Up Inflation Test as Markets Eye CPI, PCE Data This Week
In coverage record: 6 Apr 2026
“Stocks have struggled this year as AI disruption worries and weak private credit add to Middle East conflict uncertainty; the S&P 500 is about 6% below its late-January record.”
Read article -
Barchart · Published 3 Apr 2026
No Bottom in Sight for the S&P 500: Why Sandisk Stock Has Staged a Major Rally While the Rest of the Index Is Down Bad
In coverage record: 3 Apr 2026
“The S&P 500 ($SPX) is entering April after a tough first quarter, with the index on course to record its worst Q1 since 2022.”
Read article -
The Economic Times · Published 28 Mar 2026
Will the US stock market see a big crash ahead? How will Dow, S&P 500 and Nasdaq move — Are rising oil prices and 2% market drop signaling bigger market sell-off?
In coverage record: 28 Mar 2026
“The S&P 500 Equal Weight Index is flashing fresh warning signals as it struggles around its key 200-day simple moving average near 7,690.”
Read article -
The Economic Times · Published 27 Mar 2026
US Stock Market: An 800-year-old math principle to spot bottom of S&P 500's rout
In coverage record: 27 Mar 2026
“The S&P 500 briefly fell below 6,500 last week and it's trading below its 200-day moving average, a trend line many hoped would act as support to halt the decline.”
Read article -
The Atlanta Journal-Constitution · Published 26 Mar 2026
Wall Street falls to its worst drop since the Iran war as the Nasdaq sinks 10% below its record
In coverage record: 26 Mar 2026
“The S&P 500 slumped 1.7% for its worst day since January and is back on track for a fifth straight losing week.”
Read article -
Markets Insider · Published 21 Mar 2026
Stock Market Outlook: How to Survive a Lost Decade for the S&P 500
In coverage record: 21 Mar 2026
“"With the major indices being, you know, mid-20s return for the last three years in a row, and primarily through multiple expansion in terms of the foundations for those returns, we think returns have been pulled very far forward," she told Business Insider.”
Read article -
Markets Insider · Published 12 Mar 2026
Stock Market Outlook: S&P 500 Could Drop 7% Before Rally Resumes, MS Says
In coverage record: 12 Mar 2026
“"Given the sharp decline last year, it tells me we have another month during which the equity markets are likely to struggle," Wilson said.”
Read article