This is unusual: 54.0% of S&P 500 stocks are currently overbought, the highest percentage since June 2025. At the same time, 26.8% of names are oversold, the highest since October. Last Friday marked only the 13th day since 2007 where both the proportion of overbought and oversold stocks rose by more than 10 percentage points over a single month. Under usual market conditions, these metrics move in opposite directions. This means a significant number of stocks are seeing aggressive buying and selling simultaneously. Markets are experiencing a rare shift in price action.(The Kobeissi Letter)