The market’s biggest growth stocks just reclaimed their prior cycle highs and broke into blue-sky territory.
Here’s the chart:
Let's break down what the chart shows:
The chart displays the Equal Weight Magnificent Seven Index in black.
The Takeaway: The market’s biggest growth stocks just stopped stalling and started leading again.
And this is not just Nvidia dragging everything higher while the rest sit still. This is an equal-weight index. Apple carries the same weight as Tesla. Microsoft carries the same weight as Meta. Strength is spreading across the entire group at the same time.
The market hit the highs near 350 back in late 2025, then spent months backing away from that level instead of breaking through it.
Then came the sharp drop below 300. The Bears finally looked in control. It felt like the whole move had failed, and the leaders were rolling over again.
But that changed really fast.
Price snapped back above the breakdown zone and has now ripped through the old highs near 350. Markets do not usually behave like that when conditions are weak. That type of reversal usually happens when investors are caught leaning the wrong way and suddenly have to chase back into the market.
So, the leaders are leading again, and I do not want to ignore that message.
This is not the type of market where I want to be underexposed to growth. When the market’s biggest leaders are breaking to new highs together, I want to lean with the trend, not fight it.
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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