Report published September 28, 2026

Technical Views Equity Indices: Global Market Breadth & Key Index Levels by Pictet

Pictet · September 28, 2026

Large-cap US technology continues to carry headline equity benchmarks higher, although deteriorating market breadth and bearish momentum divergences indicate an increasingly mature rally. In Europe and Asia, performance is bifurcated, with Japan consolidating constructively while Europe and Hong Kong test key moving-average supports and resistance levels.

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Finvaulta summarizes Pictet's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.US equities continue to be propelled by large-cap tech leadership, but short-term market breadth remains fragile with only 26% of S&P 500 stocks above their 50-day SMAs.
2.The Nasdaq 100/S&P 500 ratio has cleared 3.93, confirming resumed tech outperformance, with technical targets pointing towards 3.98–4.06.
3.European indices show softening short-term momentum and consolidation below their 50-day SMAs, requiring breaks above key moving averages to confirm synchronised upside.

North America
Europe
Asia & Emerging Markets

Report data

PTS Technical Views: Equity indices* — as of September 28, 2026.

Metric	Estimate	Context
S&P 500 stocks above 50-day SMA	26.0%	Underlying short-term participation indicator showing oversold breadth
S&P 500 stocks above 200-day SMA	46.3%	Primary trend breadth indicator falling below the 50% threshold
S&P 500 Equal Weight to S&P 500 Ratio	1.1054 ratio	Declining towards the 1.0990 low, highlighting persistent mega-cap dominance
Nasdaq 100 to S&P 500 Ratio	3.95 ratio	Breakout above 3.93 Fibonacci resistance confirming tech leadership
CBOE Volatility Index (VIX)	14.87 points	Subdued volatility regime below 50-day SMA of 15.96