The market has hit all-time highs, but participation is narrow: only about 60% of S&P 500 stocks are trading above their 200-day moving average, a sign of concentrated leadership and growing fragility. Rally gains are being driven by a handful of mega-cap, AI-focused names, leaving the advance vulnerable if those leaders stumble. Investors and strategists are watching upcoming big-tech earnings and macro risks closely for signs the rally can broaden beyond a few large stocks.
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