Market Weakness Persists on Liquidity Concerns and Rising Rates

Of the S&P 500, 470 stocks were down, 31 were up, and two were unchanged—an overwhelmingly bearish day. On the New York Stock Exchange, there were 823 more decliners than advancers, which is better than Friday’s 1,700+ decliners but still negative. The McClellan Oscillator for the NYSE is at -43, down from -5 after rising briefly from -106. This indicates that breadth remains weak. The Summation Index has declined to -351, reinforcing the poor breadth metrics.(RSP) has fallen nearly 7.

5% from its November 27 peak, compared to just a 3% decline in the leading S&P 500.(HGX) is down 18% from its peak and is trading near July levels, only a few percentage points above where it started in 2024.(XLB) has dropped 15% from its highs and is back to its start-of-year level. Without the strong performance of the “Magnificent Seven” stocks, overall S&P 500 losses would likely be much steeper. This market weakness seems tied to liquidity issues and rising rates, trends that have persisted since mid-October. Key sectors like XLB and HGX peaked around that time, forming double tops before declining. Yesterday’s S&P 500 movement looked like a rebalancing event. The last two trading sessions saw significant selling pressure in futures between 7 and 8 AM, ahead of the market open, on decent volume. A similar decline occurred around 7 AM yesterday, but on lighter volume. If this pattern repeats today, it could confirm that these moves are related to rebalancing or similar flows.dropped 9–10 basis points yesterday, though the reason is unclear. With yields rising 70 basis points this year (from 3.83% on January 2 to 4.53%), yesterday’s drop could also reflect portfolio rebalancing as the year ends. It’s also worth noting that most global markets are closed on December 31, while U.S. markets remain open all day, making them a key liquidity source heading into the year’s final trading da

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