The S&P 500’s current reading is about 34% above QMA20, below the Q4 2026 high reading of roughly 43%. In the period shown, its quarterly low came closest to the moving average in Q4 2022, at about 2% above it. The chart also shows the Q2 2025 tariff-related low near 5% above QMA20.

The Nasdaq is about 38% above QMA20, down from a Q4 2026 high reading of roughly 57%. Its Q4 2022 and Q1 2023 lows reached approximately 3% below the moving average, while the Q2 2025 low came close to the line at about 2% above it.