$SPX glued to the 50-day MA right at 7,700. Zero cracks at the index level—less than 2% from all-time highs.
Mag 7 doing the heavy lifting as usual. They're carrying the entire market on their backs while everything else treads water.
This is classic late-cycle behavior: narrow leadership, index strength masking internal rotation. As long as the big tech names hold, SPX stays pinned. But if they stumble, there's not much underneath to catch the fall.
Watch for any signs of distribution in the mega caps—that's your early warning system.
Mag 7 doing the heavy lifting as usual. They're carrying the entire market on their backs while everything else treads water.
This is classic late-cycle behavior: narrow leadership, index strength masking internal rotation. As long as the big tech names hold, SPX stays pinned. But if they stumble, there's not much underneath to catch the fall.
Watch for any signs of distribution in the mega caps—that's your early warning system.