Tech's 'Magnificent Seven' Flashing Bearish Signals as Rally Stalls

A group of 7 mega tech stocks that have driven this year's rally are flashing a bearish signal with a "triple top" chart pattern.

The stocks, dubbed the "Magnificent Seven", include Alphabet, Meta, Tesla, and others. They have failed to break past prior highs.

Without the Magnificent Seven, the S&P 500 would be down for 2022. The 7 stocks account for all the index's gains this year.

Earnings disappointments from Alphabet, Meta and others have contributed to the stocks' and overall market's decline.

The Nasdaq is firmly in correction territory. The "neckline" support level around 100 on the Magnificent Seven chart has broken down.