My canaries in a coal mine just sang loud and clear: all eight of my key risk areas of the market are now trading above their 200-day moving averages.
Here’s the chart:
Let's break down what the chart shows:
The chart is divided into eight panels, each tracking the daily price for a different sector or industry group. The red line marks the 200-day moving average in each panel.
The Takeaway: From Semiconductors to Small Caps to Steel — everything is back in gear.
That’s the strongest internal signal we’ve seen all year from this list.
These eight canaries are my market’s warning system.
If something’s breaking beneath the surface, this is where it usually shows up first.
But right now, they’re all flying in formation — above their 200-day moving averages — and pointing to expanding strength, not hidden stress.
Semiconductors are leading with fresh highs. Biotech and Steel are coming off the mat after long slumps. Small Caps and Banks have reclaimed trend. Homebuilders, Retail, and Transports are grinding higher with improving structure.
It’s not just the AI trade or the Mag 7 anymore — this is broad participation.
And it’s getting broader every day this bull market continues.
Bull markets aren’t built on a handful of leaders.
They’re powered by participation.
And when all eight of these groups are trending higher in sync, the internal engine is healthy.
Pullbacks can happen anytime. But this isn’t what market tops look like.
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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