TECH - Nvidia Apple And Microsoft May Face Potential Correction Warns Expert Points At Concerning Chart Patterns For 'Magnificent Seven' Stocks | Benzinga
The stock market may be on the brink of a significant correction, according to a leading market expert. Craig Johnson, the chief market technician at Piper Sandler, has issued a warning about the future of the “Magnificent Seven” stocks.
What Happened: Johnson, in a recent appearance on CNBC’s Last Call, raised concerns about the future of the Magnificent Seven companies, which includes Microsoft Corp. (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), NVIDIA Corp. (NASDAQ:NVDA), Meta Platforms Inc. (NASDAQ:META), Tesla Inc. (NASDAQ:TSLA), Amazon.com Inc. (NASDAQ:AMZN), and Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL).
Johnson highlighted concerning patterns in the stock charts, including lower highs in Nvidia and a gap down in Apple and Microsoft. “These charts are rolling over, and they need to correct further,” he said.
He also ...