The Lag 7 Haven't Sunk the Ship ๐ The Chart Report
Chart of the Day
๐ Today's Chart of the Day was shared by Phil Rosen.
The Magnificent Seven are off to a rough start in 2026, with all seven currently in negative territory year-to-date.
Despite that early weakness, the impact on the broader market has been limited, as the S&P 500 remains less than 3% off its all-time highs.
Weโre nowhere near the magnitude of the 2022 selloff, when these same companies experienced drawdowns ranging from 30% to north of 70%.
The Takeaway: Although the Magnificent Seven have stumbled out of the gate, broader market damage has been relatively contained.
More Great Charts
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Technologyโs recent underperformance is largely a cap-weight issue, as the average tech stock is still beating the S&P 500.
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Even though the S&P 500 is flat on the year, 94 stocks are up or down less than 5% YTD, while 117 stocks have moved at least 20%.
Bespoke explores this dispersion in their morning note.
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If these groups begin to reverse higher, it could offer clues about the marketโs next move.
View Bracco's complete take.
The Nasdaq remains locked in a broad range, with resistance near 26,000 and support around 24,000.
Read more of Julian Pineda's Nasdaq analysis.
All nine small-cap sectors are trading above their 200-day moving averages, with eight also holding above their 20-day.
Thatโs broad participation by any definition.
Jason Perz walks through the implications in his latest article.
The Chart Report curates best-in-class technical analysis from across the web.
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