Thoughtful Money with Adam Taggart · Saturday, June 27, 2026
Adam Taggart questioned Lance Roberts about market breadth, noting that while the equal-weight S&P 500 appears stable, the performance of the Mag 7 and other previously hot stocks has weakened. Roberts confirmed that market breadth is indeed worsening, with only about 53-54% of stocks trading above their 50-day moving averages, indicating a narrow market driven by specific sectors.
“Is breadth improving or worsening in the market? And the main reason why I ask this is I look at the equal weight S&P that's seems to be doing just fine. Um, but I look at the Mag 7, which have driven the market for so long, right? And we've talked forever about how many, many times it was the only thing that was driving the market forward.”
“The latter part, which is that if you take a look at the numbers of stocks really trading above their 50, you know, their 50-day moving averages, etcetera, you know, normally in, when you've got a bull market like we're in, we should be breadth at 70, 80%. We're like at 53, 54%. So, you certainly don't have the breadth.”
“So, what's happening now is you've got people selling the Mag 7 to go chase semiconductors. So you've got momentum shift just going on within the markets, but it's still a very narrow trade overall.”