Magnificent 7 Not Looking Great

We all know that the Magnificent 7 Big Tech stocks have had a great year so far. And clearly, they will end the calendar year 2023 with big gains. I am more interested in the here and now and how they look today.

They do not look very strong as we can see from the trending heat map below:

I actually use the 10 stocks that make up the FNGS index. They all seem to be retreating a bit from strongly bullish levels except for SNOW. This is based on the daily charts.

Here is the trending based on weekly charts.

Here too we can see some minor sluggishness.

And here is trending from hourly charts.

Clearly there is weakness in the short-term. The question is whether this weakness is the start of a downturn or just a little breather in their bull run up. I am not going to predict. The trending heat maps will keep telling me what the markets are doing. And I will be following their lead.

Strategy

I will be tactically placing some short-term trades to the downside using the QQQ. The other ones I may play to the downside are TSLA and NVDA. Again, these are very short-term trades (range of 2 - 10 days typically).