Brian Garrett, head of equity derivatives trading at Goldman Sachs, pointed out that the breadth of the US stock market is collapsing. The proportion of S&P 500 components trading above their 200-day moving average has fallen below 50%, and the number of stocks hitting 52-week lows has exceeded those hitting new highs for nine consecutive trading days. The simultaneous trigger of these two indicators is the first time since the peak of the dot-com bubble in 2000. Meanwhile, the MOVE index, a bond market volatility gauge, is at historically extreme highs, while the VIX index remains low. This suggests that the bond market has priced in tail risks, but the stock market refuses to price in panic.