U.S. Stock Market May Achieve Nearly 30 Years Without Extreme Sell-Offs in 2026

The U.S. stock market is demonstrating unprecedented resilience in 2026, potentially becoming the first complete year in at least 30 years without a day on the New York Stock Exchange (NYSE) where over 80% of the trading volume comes from declining stocks. A day with '80% down volume' refers to a day when at least 80% of the NYSE's trading volume is attributed to stocks that are falling, which is typically seen as a significant signal of widespread selling pressure in the market. Data shows that during the global financial crisis in 2008, the NYSE experienced 49 such trading days; there were 33 during the bear market of 2022; and 9 in 2025. Since 1997, this indicator has averaged about 21 occurrences per year, and no complete year has ever recorded fewer than 5. The Kobeissi Letter notes that as of now, there has been almost no widespread selling pressure in the 2026 market, with investor selling behavior being relatively limited and the market structure showing strong support. The current U.S. stock market exhibits 'unprecedented resilience,' but this phenomenon also suggests that market risks may be more concentrated on potential future liquidity changes or unexpected events.