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Phil Rosen reports that the S&P 500 has begun to outperform the equal-weight index after having lagged for much of the year.
This shift indicates that market breadth is narrowing, though it does not automatically signal an end to the current bull market rally.
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Earlier this year, Phil Rosen observed that the Magnificent 7 group was underperforming the S&P 500 for the first time since 2021. Rosen also reported the S&P 500 had gained 13% even as the 10-year Treasury yield reached a 19-year high. These developments have contributed to ongoing shifts in market leadership.