Inside The Magnificent 7 Selloff

Not all Magnificent 7 charts look alike. While the group has sold off aggressively, the technical picture varies considerably beneath the surface. Here is a quick dashboard of the key setups across each of the seven names.

We can't remember seeing a bigger down candle in the Mag-7 in a very long time. Yet despite the violence of the move, the group is now simply back trading at roughly the same levels as last September. The next key support is the long-term trendline just below current prices. The break below the 200-day moving average is worth noting, although less significant given the average remains largely flat.

Still stuck in the range. Microsoft continues to trade within the broad range that has been in place since November 2023 and remains below its 200-day moving average. The lower end of the range, together with the long-term trendline, sits just below current prices around the $360 area.

The AI antidote. Apple has outperformed sharply in recent weeks while remaining within its long-term rising channel. Less than a month ago, we highlighted the confluence of the 200-day moving average and the long-term trendline around $270 as a key support zone, just as oversold conditions were beginning to build. As Peter Callahan recently noted, Apple is now having "a moment," posting its strongest monthly outperformance since July 2006. The stock has reclaimed the top spot by market capitalization, while

its two-month correlation with the Nasdaq 100 has fallen to its lowest level in more than 15 years, reinforcing its role as the market's preferred defensive mega-cap.

Meta continues to trade within the same broad range that has contained price action since September 2024. Until that range breaks, the technical picture remains neutral.

No medium-term trend. Add AMZN to the growing list of names with no clear medium-term trend. The stock is trading back at late-December 2024 levels and is sitting right on its 200-day moving average. The next major support is the long-term trendline, which comes in around $220.