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Phil Rosen reports that the equal-weight S&P 500 has reached record highs and is trading nearly 7% above its 200-day moving average.
This, Rosen observes, is the opposite of what is typically seen during a so-called narrow bull market.
Earlier this year, Rosen noted that the average S&P 500 stock was outperforming the Magnificent 7. In a separate report, he highlighted the S&P 500 setting 18 record highs in 2026 as AI-related trades gained traction. Both episodes have drawn attention to trends beyond the largest technology stocks.