It's a Start

I just tweeted out a chart of NVIDIA on the daily timeframe showing the monster chip leader finding some resistance intraday at the scene of its bear flag breakdown. All of this is happening below its 200-day moving average, which made me realize that both NVDA and Microsoft, the latter below on its daily chart, are the first two mega cap leaders to trade below the key reference point. 

Harkening back to the NIFTY FIFTY bubble a little over fifty years ago it is important to note that the leaders did not top out all at once. Instead, it was a series of rolling tops, with the leaders falling by the wayside seemingly one or two at a time. Of course, that was fifty stocks and it was also fifty years ago. So take it with a grain of salt, as it's a start. 

But MSFT and NVDA, with AAPL not too far behind, are flashing signs of topping even with plenty of bullish hype on the likes of PLTR today, not to mention recent success in META NFLX.

I strongly suspect AMZN GOOGL earnings later this week could function as a tiebreaker of sorts for the Magnificent 7 basket, signaling where they want to go as a group the rest of this quarter. 

Elsewhere, keep an eye (again) on the ags. Soft commodities continue to firm up, as are ag-related stocks like CF.