Despite lagging behind so far this year, the Mag 7 have turned it around a bit to open April. We look at the group's situation in today's featured article.
As yesterday’s feature detailed, the cap is back. Of course, when talking about the world’s biggest companies, we would be remiss not to focused on everyone’s favorite, the magnificent seven. In 2026, the magnificent seven has been more a bit more mediocre than magnificent, with the average member down 3.22% YTD compared to the near 2% gain for SPX. Many of the group sit well off highs established earlier in 2026, but the recent rally has been encouraging. In fact, as of price action through 4/14, the Nasdaq-100 (NDX) has put in a streak of 11 straight days of positive returns coming off the news of the most recent ceasefire in the Middle East which spurred major markets back towards positive for the year. Of course, as with any notable streak, questions arise about the magnitude of downside action when they break. Gain streaks like the one we are on (and still building with NDX landing in the green on 4/15) are quite rare, seeing NDX only post a winning streak longer than 11 days eight other times since 1992. As you may expect, more near-term results (5-day) after streaks end see negative average returns…. But more often than not don’t tend to carry over to the next month, three months, of half a year. At least conversationally, this makes sense: you don’t typically see gain streaks in weak (or weakening) market environments. While it certainly is true that markets have seen a bit of turbulence so far this year, they are far from being considered “weak.” All this to say, remind your clients that no winning streak can last forever, but history suggests markets will find their footing when this one does end.
Getting back to the magnificent seven conversation, we will look at a handful of interesting pictures for members of the magnificent seven. Performance for the group has been quite intense since the start of April. Amazon (AMZN) has been the strongest performer of the group, having gained just over 18% since 4/1. The only name to have retreated since the start of April has been Tesla, which is off almost 5% as it continues what has been a poor 2026 campaign. The table below showcases additional details for each mag-7 member, including their TA score, individual points away from support and respective OBOS reading at the time of this writing. Some high level details:
- Four members (NVDA, AMZN, GOOGL and APPL) hold what we would consider to be “technically acceptable” scores. This is up from just two members at the start of April.
- The average stock has gained 8.51% (through 4/14), outperforming SPX by just over 2.5% over the same timeframe.
- Despite the intense move to the upside, only one name (AMZN) is in heavily overbought territory with a weekly OBOS reading of 78%. The average stock is has a reading of 19%, roughly half that of the S&P 500.
NVDA has perhaps the most interesting technical picture as of 4/15. Semiconductors have been overwhelmingly resilient in 2026, besting other areas within technology (namely software) quite handily this year. Nvidia has largely swung back and forth between technically acceptable and a name we have looked to shy away from so far in 2026. Largely speaking, the stock has remained rangebound for the better part of the last year, bouncing back and forth between the mid-$160’s and all time highs. This rangebound action has led to some relative deterioration against other semiconductor stocks (NVDA now ranks 58th of 68 within its peer group matrix), seeing the 3/5’er return to both a sell signal and column of X’s against the DWASEMI peer group. This action leaves NVDA and other mag-7 names for that matter- in quite an interesting position. On one hand, markets seem to have digested the Iran war and are ready to push towards new highs. On the other, NVDA has come up to current levels now 11 different times over the last year, the sign of strong supply coming online. Similar commentary can be made for the likes of META or AMZN.
To avoid rambling, very similar, detailed commentary could be offered for each of these names. It’s also worth mentioning that many of your clients will have unique situations when it comes to the mag-7, particularly from a tax standpoint. Keep this in mind when making decisions that could impact you or your client next Tax Day. As always, set alerts to be notified of specific TA score changes or violations of desired support or resistance levels.
