Chart of the Day - Tuesday, December 3, 2024

Patrick Dunuwila
December 3, 2024

Chart of the Day


🏆 Today's Chart of the Day was shared by @WallStWingman.
 

  • Mega-Caps have regained control this week. @WallStWingman points out that the Magnificent 7 ETF ($MAGS) broke out to an all-time high for the first time in three weeks today.
     
  • $MAGS initially broke out after the election before retesting its July peak, around $50. While retesting, $MAGS consolidated into a tight pennant pattern, building energy for a strong upward resolution. 
     
  • All seven components are positive this week, but $META, $AMZN, and $AAPL are leading the charge, each gaining at least +4% week-to-date. 
     

The Takeaway: Mega-Caps have regained control this week with the Magnificent 7 ETF, $MAGS, resolving out of a three-week consolidation pattern. 

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