MAGs Are Bleeding Out—And Now It’s Accelerating
The MAG bleed is accelerating
Big Tech hasn’t cracked overnight—it’s been rolling over for a while. But now the technical damage is starting to compound, with trendlines breaking, momentum fading, and more names slipping below key levels at the same time.
Positioning hasn’t fully caught up to this shift, and that’s where things can accelerate.
The MAG drawdown
Mag 7 is now down ~15% from the highs, approaching the scale of the Summer 2024 drawdown.
Source: Bloomberg/GS
META - trend line gone
META broke below the major trendline earlier this week, accelerating the selloff in yesterday’s session. We haven’t closed this far below the 200-day MA in a long time. RSI is now at its most oversold since the December selloff, but the first meaningful support doesn’t show up until $500.
Source: LSEG Workspace
MSFT - momentum dead
MSFT broke the trendline that had been in place since 2023 not long ago, and the selloff has accelerated since. Momentum remains weak. The 20-day is all the way up at $480, and the death cross we flagged in mid-January is still firmly in place. First real support comes in around $350, while $400 is the first resistance (with the 50-day sitting there). Weekly RSI is at the lowest levels since 2006.
Source: LSEG Workspace
Source: LSEG Workspace
NVDA - nothing matters
NVIDIA has basically been stuck in a $25 range since July, remarkably boring given everything that’s happened. We just closed below the 200-day MA, but for now, nothing seems to matter in NVDA.
Source: LSEG Workspace
AMZN - stuck in place
AMZN continues to do basically nothing, trading around the same levels as back in November. The stock is stuck below the 200-day but still holding above the longer-term trendline.
Source: LSEG Workspace
GOOG - even the king slips
You know things have been bad in MAGs when even GOOG has sold off. The king of MAGs is now approaching the trendline and the 200-day, but those supports sit another $15–20 lower.
Source: LSEG Workspace
TSLA - the eternal range
Tesla is sitting near a key trendline, trading just below the 200-day MA. Zooming out, the bigger picture is clear, TSLA has been a non-trending stock for years, stuck in a wide range. We’re essentially back to the same levels seen in late 2021.
Source: LSEG Workspace
AAPL - last one standing
“Anti-AI” Apple continues to trade in a relatively resilient fashion. The uptrend from the Liberation Day low lines up here with the 200-day MA, marking a key support zone.
Source: LSEG Workspace
Not so Magnificent
What held the market together is now breaking at the same time. This is how leaders lose control—first the trend bends, then the levels break, and suddenly the unwind starts feeding on itself.
