Chart of the Day - Monday, July 28, 2025

🏆 Today's Chart of the Day was shared by Kevin Gordon (@KevRGordon). 
 

• The market has a feast of earnings and economic data to digest this week, including earnings from four of the Magnificent 7. $MSFT and $META report on Wednesday, followed by $AAPL and $AMZN on Thursday. 
   
• While the S&P 500 logged its 15th record high of the year today, the Mag7 index hasn’t logged a single one. That could change this week, as the group sits just whiskers below its December peak ahead of earnings. 
   
• With these seven names comprising roughly one-third of the S&P 500, the two indices look nearly identical. If the Mag7 finally breaks out, it will reinforce the trend in the S&P 500. However, rejection here could pressure the broader market. 
   

The Takeaway: The Mag7 hasn't made a record high all year, but the index is testing its December peak ahead of a busy earnings week. A breakout would confirm the trend in the S&P 500, while rejection would signal caution.