The market’s former leaders are no longer leading.
And it starts with the stocks that used to carry everything higher: the so-called “Magnificent Seven”.
They’ve been struggling not only on an absolute basis, but also relative to the broader market.
In fact, they’ve just printed new 52-week lows versus the S&P 500:
That matters, given how much weight these names carry in the major indexes and across sectors.
Smart money hasn’t been chasing them. Instead, attention has quietly shifted toward areas that are typically overlooked: small caps.
Small-cap stocks just printed new 52-week highs relative to large caps:
That’s rotation. And it suggests the market is rewarding a different part of the risk spectrum — not just the largest and most crowded names.
For now, that’s where my attention is.
We cover these relationships and intermarket trends every day at ASC Premium, using them to identify market leaders and uncover actionable trade ideas.
