Published July 26, 2024
The high-flying Magnificent Seven (Mag 7) stocks came under pressure again this week as earnings from Alphabet (aka Google/YouTube) and Meta (aka Facebook/Instagram) failed to delight investors. That earnings disappointment dragged down technology stocks broadly as shown in the chart below. However, to this point, the pullback in technology stocks has found support at a logical level ($210 = the line drawn), while the Relative Strength Index (RSI on the lower part of the chart) remained in “bullish” territory above 50. We will see if earnings from the other Mag 7 companies keeps support intact or provides further disappointment. (more…)