The chart below shows that the equal-weighted S&P 500 has outperformed the Mag 7 by 12% over the past 3 months. The last time that happened was in the fall of 2024, and the time before was the spring of 2021. Since the Mag 7 started dominating the scene, bullish broadenings have been rare, with most periods of equal-weight outperformance occurring in down markets.