CoinMeta data: The S&P 500 index performed well as it entered October, but market participation dropped to its lowest level since May 2025. Although October is usually a month of stronger performance, 75% of S&P 500 stocks fell in September, indicating widespread weakness in the market. Currently, only 40.55% of S&P 500 stocks are trading above their 200-day moving averages, suggesting that nearly 60% of the stocks are at low levels.