Mag7 Tech Stocks- Weekly Update #2

BLOOD BATH AHEAD ??

⚠️ Caution ⚠️

Market crashes when people least expect them.

We’ve been calling a temporary top since we started posting. 

$MAGS is still sitting at a critical point. 

Either we reclaim above $44 and see a bounce towards $48 ish

Or MASSIVE PAIN SCENARIO we puke towards the $38 price range. 

https://www.tradingview.com/x/gk5RxRv4/

If we would have to pick one option we’d rather do option 1. Short term bounce towards previous all time high. From there, we either break above resistance for further upside or we continue to retrace. We’ll be playing level by level. Price action will tell. But to be honest, we might see a further retrace this week.

https://www.tradingview.com/x/kFcst2Ep/

Apple (APPL) 

Following up on Edition #1's weekly report, price did fall as predicted and is now forming a temporary bottom. A bounce towards $225 seems rational before further downside. 

https://www.tradingview.com/x/FZHqpFS7/ 

If the $207 price range is unable to hold as support, get ready for a further retrace towards the sub $200 price range. This will be our first ideal macro long entry. 

https://www.tradingview.com/x/Gr8ah15D/

Amazon (AMZN) 

From a macro lens it looks great as long as it remains above $170. 

Price seems to be holding well here and it could perfectly start moving up from here but ideally we want a liquidity grab sub $170 before further upside. 

This possible retrace in price will kill all stop loss placed just below the past few monthly candle lows and take the liquidity necessary for a further upside continuation. Yes this might be max pain for some but markets are constantly looking for liquidity. 

https://www.tradingview.com/x/5ZEg0tV1/

https://www.tradingview.com/x/6XDqJNKd/

Alphabet (GOOGL)

Macro mid term NO BUENO. 

From all Mag7 stocks we believe Google is among the top stocks with most potential to outperform the rest. From a purely price action perspective, price broke quite well above previous all time high and is now IN FOR A RETRACE. 

Short term of course we could have a temporary bounce but from a macro perspective, a bigger retrace might be incoming. Anything sub $150 is a buy for long term holders. 

https://www.tradingview.com/x/TqLAHxwS/ 

https://www.tradingview.com/x/xO5seAym/

Meta Platforms (META)

Currently at a critical spot. Either price finds support above $163 or we continue to dump towards $415 and looking at the overall MAGS it might be better to manage your risk correctly as most tech stocks seem to be struggling right now. 

https://www.tradingview.com/x/UPDgHnHD/

Microsoft Corp. (MSFT)

We said before, beware of this one. Price indeed retraced and is currently below previous highs… NO BUENO. 

Now the post market is currently trading sub $400… People are dumping after they have released their Q2 2024 earnings. 

It might be a liquidity grab sub $387 but price needs to reclaim support above $400 otherwise NO BUENO and be prepared for further downside my friends. 

https://www.tradingview.com/x/atG4aPkz/

Nvidia Corporation (NVDA)

Watchout…. Looks like a retrace towards sub $90 is on its way. So far price haven’t been able to reclaim $107 as support for further upside and currently is showing weakness. Just looking at the whole MAG7 market everything is fragile and we SHOULD NOT be trying to catch falling knives. 

https://www.tradingview.com/x/7mMOhUR7/

Tesla, Inc. (TSLA)

We called the top on this one too. 

Price is currently on a retrace. Bounce are welcome but for now, macro mid term we’ll see lower prices on this one. No brainer unless proven otherwise upon a price break above $265 which is highly unlikely taking into consideration the whole tech market bearish momentum. 

https://www.tradingview.com/x/LRDyCMsQ/

Disclaimer

Not financial or tax advice. Zelf Trade is not a financial institution. No content on this Newsletter is financial, accounting, legal or tax advice. Zelf Trade content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.