According to CoinMeta, as reported by Zhitong Finance, although the S&P 500 index appears to remain strong on the surface, the breadth of the market is continuously weakening. Currently, more than half of the constituent stocks are trading below their 200-day moving averages. As a key indicator of long-term momentum, an increasing number of stocks falling below this level suggests that the foundation for the overall upward trend of the index is deteriorating. Well-known companies that have recently broken below the 200-day moving average include Starbucks, J.B, Hunt, Goldman Sachs, KLA Corp, RTX, and Colgate, among others. Among them, transportation giant J.B Hunt fell below this level on Wednesday after issuing a profit warning due to rising costs, and semiconductor equipment manufacturer KLA Corp closed below its 200-day moving average for the first time since May 2025. Goldman Sachs also lost this key technical level for the first time since March of this year following the Federal Reserve's interest rate hikes. This trend indicates that the current market rally may be becoming increasingly dependent on a few heavyweight stocks, and the declining widespread participation may signal an increased risk of subsequent adjustments.