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Today we will be covering...
Today, we will examine Magnificent 7 stocks.
Over $1 trillion of US stock market cap erased on Friday.
Nvidia and Magnificent 7 Valuations
Magnificent 7 recovered February-April correction losses, and some.
The chart below shows the cycle composite (2 dominant cycles) of Magnificent 7 ETF, MAGS.
A correction in Mag 7 stocks collectively may have started or is about to start soon, as per cycles.
MSFT and APPL had good earnings, but declined despite that.
Cycle peaks and troughs represent estimates of the price turning points. Always allow for some margin of error (red double arrows).
Do not correlate the cycle composite amplitudes with the price levels.
If Mag 7 earnings growth is indeed slowing, they will correct significantly.
Sentiment & Technical Analysis
The CNN’s Fear & Greed Index fell quickly in Neutral.
The McClellan Summation Index (NYSI) and McClellan Oscillator (NYMO) have been signaling some internal weakness and a potential reversal for some time, but SPX “ignored” these technical indicators and kept climbing.
Finally, two Bearish Engulfing candlesticks revealed the SPX weakness that could not sustain a gap up on Thursday despite good earnings from META and MSFT.
In Friday’s drop, SPX approached key support.
If the S&P 500 falls below this support, that would be the first indication that it formed a top of significance with more losses to come.
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