S&P 500 stock dispersion is up to 25 points, the highest on record.

This measures how differently individual stocks are moving versus the overall index.

This comes as the average stock is materially OUTPERFORMING Big Tech, including the Magnificent 7.

Meanwhile, the S&P 500 1-month skew is up to 0.53, near its highest since 2017, signaling extreme demand for downside protection.

The last time dispersion was this elevated, markets were in crisis.