U.S. equities are showing unusual resilience in 2026, with the market so far on track to become the first full year in at least three decades without a single 80%+ NYSE downside-volume day. The measure refers to sessions when at least 80% of New York Stock Exchange trading volume comes from declining stocks, a sign often used to identify broad market liquidation and heavy selling pressure. The Kobeissi Letter said the pattern contrasts sharply with past stress periods: the NYSE recorded 49 such days during the 2008 global financial crisis, 33 during the 2022 bear market, and 9 in 2025. Since 1997, the indicator has appeared about 21 times a year on average, and no prior full year had fallen below five. The absence of those signals suggests limited broad-based selling and a market structure that has remained well supported, though it may also mean risks are being deferred and could become more concentrated around future liquidity shifts or sudden shocks.