The Not-So-Magnificent Seven 📉 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Evan Medeiros.
After rallying +30% off the March lows, the Magnificent Seven ETF (MAGS) is testing the neckline of a potential multi-week head & shoulders top.
MAGS is also making new 52-week lows relative to the S&P 500, and is now down over 3.5% year-to-date while the S&P 500 is up 8.5%.
If this relative weakness continues, it would mark just the second time in the past decade that the S&P 500 has outperformed the Magnificent Seven, and the first occurrence during a year when the broader market itself generated positive returns.
The Takeaway: The market's largest names are losing momentum.
More Great Charts
Market returns have historically been far stronger when investors remain invested during periods with a rising 200-day moving average.
Read the latest article from Willie Delwiche.
Among the major classical chart patterns, rectangles have produced the highest success rate and the greatest percentage of Type 1 breakouts.
Check out the full tweet from Aksel Kibar.
The Russell 2000 closed at new all-time highs with a bullish MACD crossover.
See the complete post from TheMomoDesk.
Palantir is breaking down to new 52-week lows.
View the entire tweet from TrendSpider.
SpaceX is nearing completion of a classic IPO round trip.
Examine the whole post from Mark Weller.
The Oil & Gas Exploration & Production ETF is retesting its long-term breakout level.
See the full tweet from Beyond Charting.
The U.S. 2-Year Yield has been largely unaffected by the recent drop in crude oil.
View the complete post from Arun Chopra.
The U.S. Dollar Index continues to closely track the path it followed during Trump's first presidential term.
Check out the entire tweet from Randy Dunham.
The data suggests stocks tend to perform better than most investors expect following new 52-week highs in the U.S. Dollar.
Read the full analysis from Grant Hawkridge.
The Chart Report curates best-in-class technical analysis from across the web.
If you’d like to share a chart or just say hello, email us at [email protected]
