With the Nasdaq trading just 5% below its recent 52-week high, the Roundhill Magnificent Seven ETF remains a relative laggard, sitting roughly 8% beneath the record high it reached on May 14.
That session produced a spinning top at all-time highs, a classic sign of indecision, which was followed by a doji on May 29 that completed a bearish harami cross and reinforced the loss of upside momentum. Since then, the ETF has endured two separate weeks with losses of 6%, each ending near the weekly lows on strong volume, reflecting persistent selling pressure.
More recently, however, the technical picture has begun to improve. The fund reclaimed its 200-day simple moving average last week and registered a bullish MACD crossover at the start of July, suggesting downside momentum is fading and buyers are gradually regaining control.
In my view, two stocks stand out as the strongest technical candidates to lead a resurgence in the Magnificent Seven: Apple and Nvidia. As the world’s largest publicly traded companies by market capitalization, renewed leadership from this duo could have meaningful implications for the broader equity market. Over the past three months, Apple has led the Magnificent Seven with a 20% gain, while Nvidia has advanced 11%. To better understand our bullish outlook, let’s examine the charts of both stocks.
Apple, a global technology giant, now trades just 1% off its all time high, and last week’s 9% gain was its best in 11 months. The stock now looks on track to regain the strength it exhibited during a recent 10-week winning streak between late March and late April.
Looking at the stock’s daily chart highlights its continued relative strength, with the stock consistently outperforming the MAGS ETF on the ratio chart. The latest advance began with a bullish harami pattern on June 26, with a 3% gain on exceptionally heavy volume. That move marked the beginning of the right side of a double-bottom base.
Apple then cleared the $302.52 breakout trigger on July 2 with a 5% advance, showing strong follow-through as the stock moved decisively above the very round $300 level. Bulls could have anticipated improving conditions earlier, as the stock broke above a bearish head-and-shoulders pattern at the start of April. As history shows, failed bearish patterns often lead to powerful moves in the opposite direction, and the 200-day SMA provided additional support during the setup.
Look for Apple to advance toward $345 by the third quarter, representing 10% upside from current levels. Remain bullish above $305.
Apple was trading around $310 Thursday.
Nice bounce off 200 day simple moving average this month and break above double bottom base.
Nvidia, the largest semiconductor company on the planet, has struggled somewhat, now trading 14% below its peak made two months ago. However, this week it is showing significant relative strength up 5%, while the VanEck Semiconductor ETF is flat.
Examining its daily chart over the past year shows that the stock’s leadership within the semiconductor space has faded somewhat, seen on its ratio chart versus the SMH since late 2025. However, the technical picture is beginning to improve. Nvidia recently broke above a two-month downtrend.
The stock also found recent support at its 200-day SMA, creating a favorable risk/reward setup. It appears to be building the right side of a potential double-bottom pattern while attempting to move decisively away from the very round $200 level. Importantly, the recent low successfully retested the prior double-bottom breakout trigger at $197.73, which was cleared on April 15, reinforcing the importance of that support area.
Investors can initiate positions at current levels and look to add above the $214.09 pivot point. I am targeting a move toward $260 by year-end, representing 27% upside from current prices. Remain bullish above $194.
Nvidia was trading around $202 Thursday.
Stock finding support at its 200 day simple moving average and successfully retested prior double bottom breakout.
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