It’s Decision Time for Mega-Cap Tech 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Grant Hawkridge.
The Magnificent Seven led decisively out of the 2022 bear market, but the tone has shifted this year, with each name down at least 5% year-to-date.
The group peaked last October and has since carved out a classic rounded top, one that looked to be breaking lower just last week.
Now, a potential failed breakdown is emerging, an encouraging development if the world’s largest companies can regain upside momentum.
The Takeaway: Mega-Cap Tech could be setting up for a textbook bear trap, though a confirmed breakdown would likely lead the market lower.
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