🏆 Today's Chart of the Day was shared by The Leuthold Group (@LeutholdGroup).
- The S&P 500 has steadily drifted higher in recent weeks, gaining +4% during a remarkably calm 32-day streak without a 1% move in either direction.
- Despite the steady advance, leadership within the Magnificent 7 has thinned. Only two names ($NVDA & $GOOG) have reached fresh 52-week highs in the last month. While $NVDA printed a fresh record high today, $GOOG hasn't seen one in nearly three weeks.
- Broad participation from the Mag 7 would be ideal for the S&P 500, but rotation would also be healthy.
The Takeaway: Some of the largest stocks in the S&P 500 have been absent during the recent melt-up. A broad advance from the Mag 7 would be ideal, but rotation among them could also keep the bull in motion.
