The stock market is at all time highs, largely due to strong earnings from the Magnificent Seven companies. However, a closer look at the Invesco S & P 500 Equal Weight ETF (RSP) indicates that this is a sign of troubling breadth patterns. The S &P 500 rose more than 10% in April, marking its best month since November 2020. The Invescor S & PI 500 Equalweight ETF ( RSP) tracks the equal-weighted S &PI, which gives every company in the index the same allocation to give investors a more accurate representation of the overall market. The broader market is relying heavily on these momentum names, raising the risk of a sharp selloff if momentum fails. Despite these risks, investors appear to be willing to overlook them.