The so-called Magnificent Seven group of stocks, which rose together for most of 2023, are starting to break-up this earnings season.
The Magnificent Seven constituents (Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla) have been the main performance drivers in the S & P 500 index all year.
The super-duper seven have added almost $4 trillion in market cap in 2023 alone while collectively as a group contributed roughly 90% of the S & P 500's 2023 gain.
I want to focus on one of the high-flying Magnificent Seven names: Tesla .
Using the SPDR S & P 500 ETF (SPY) , traders saw the 200-day violated at $422 and Relative Strength Indicator levels have now been slammed into oversold territory.
Persons:
Microsoft's, Tesla, TSLA
Organizations:
Microsoft, Meta, Nvidia, Investors, Elon Musk's EV