The percentage of U.S. stocks trading above their 100-day moving average has reached a three-month low, highlighting a narrowing market rally. This trend is primarily driven by the performance of the MAG7 stocks—Meta, Apple, Google, Microsoft, Amazon, Nvidia, and Tesla—while the majority of other stocks face challenges. The concentration of gains in these major tech stocks has also impacted the cryptocurrency market, where broad-based risk appetite remains subdued.