Measuring Mag 7 Strength as SPX & NDX Hits Record Highs

Market Overview - Approximately 50% of the stocks in the S&P 500 are currently in the green, indicating mixed performance in the market [1] - The S&P 500 has key levels of support at 6,600 and 6,570, with an upside target of 6,640 where call options were heavily traded [2] Volatility and Fed Meeting - The market is experiencing increased volatility as it approaches the Federal Reserve meeting, with a quarterly expiration also contributing to market dynamics [3][4] - The performance of the MAG7 stocks is crucial, as their continued outperformance could mitigate weaknesses in other sectors facing headwinds due to volatility [4] MAG7 Performance - The MAG7 stocks have recently broken out of a consolidation channel, with Tesla's strong performance being a significant driver of this breakout [5][6] - If Nvidia and other MAG7 companies can also break out from their recent consolidations, it could further bolster the S&P 500 [6][7] Broader Market Influences - Oracle's recent positive performance following its earnings announcement and news related to TikTok may provide additional support to broader equities [8] - Attention is drawn to the potential for yields to rise post-Fed meeting, which could pose risks for equities in the short term [9]