The stock market is back at all-time highs, but worrisome patterns are emerging

The stock market may be near all-time highs, helped by the Magnificent Seven, but a look under the hood is showing some troubling breadth patterns. The S & P 500 soared more than 10% in April, its best month going back to November 2020, as strong earnings from the Magnificent Seven companies once again revived investors' risk appetite. The Roundhill Magnificent Seven ETF (MAGS) ended last month up by more than 14%. The broad market index also reached a fresh high and closed at a record on Friday. But take a look at the Invesco S & P 500 Equal Weight ETF (RSP) , which was higher by just 6% last month, and lagged the other measures. The ETF tracks the equal-weighted S & P 500 which, unlike the market cap weighted benchmark, gives every company in the index the same exact allocation — thereby giving investors a more accurate portrayal of the health of the overall market. "It speaks to how narrow this market has once again become, led by a small group of high-flying momentum names," Wolfe Research's Rob Ginsberg wrote over the weekend. RSP 1D mountain RSP, 1-day Technology was once again the best-performing sector, with the Technology Select Sector SPDR Fund (XLK) higher by 20% in April, Ginsberg pointed out. That was followed by real estate , by a large margin, up just over 8%, he also noted. …