Are these magnificent seven titles ready to be magnificent again?

As the calendar turned its pages into 2024, the spotlight once again shone on the famed “Magnificent Seven,” a cohort of tech titans whose every move resonates throughout the market. However, this year’s narrative has taken a twist, casting shadows of uncertainty over the once unrivaled dominance of these corporate giants.

As the new year begins, three members of this illustrious group, Alphabet NASDAQ:GOOGLApple NASDAQ:AAPLand Tesla NASDAQ:TSLA they found themselves behind their counterparts, trapped in the struggle to regain their momentum. The echoes of their lagging performance reverberate through the market, in stark contrast to the dizzying heights achieved by their competitors.

Over the past ninety days, Apple and Tesla have entered the red, while Alphabet is eking out modest gains. Their slow pace pales in comparison to the meteoric growth witnessed by Nvidia’s stock NASDAQ:NVDA, which increased by almost 90% over the same period. Meanwhile, the broader market steadily advances, boasting a year-to-date increase of more than 7%, leaving these three tech giants languishing in negative territory.

However, amid the gloom of underperformance, a glimmer of opportunity may emerge as these three names caught a bid in the previous week. Could Alphabet, Apple and Tesla be poised to stage a comeback, closing the gap and regaining their prominence within the big seven overall markets?

Let’s take a closer look at the three names mentioned above to see if now might be the time to get involved, as they appear to be finding support.

Alphabet shares are slightly in the red year to date, down nearly 1% and more than 6% from previous months. The company previously reported earnings on January 30 and reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.04. Alphabet earned $86.31 billion during the quarter, beating analysts’ estimates of $70.77 billion. The stock has a P/E of 23.94 and a Moderate Buy rating based on thirty-three analyst ratings.

Momentum may be changing for Alphabet, as the stock found support in the previous week. After weeks of steady selling, GOOGL stock has been bid near the 200-day SMA and has been positive for the past four days. If the stock manages to consolidate above the flattening of the 200-day SMA and confirm a higher low, the next target would be a move towards the flattening of the 50-day and 20-day SMA.

Tesla has been the worst-performing Magnificent Seven member year to date, with the company’s shares down nearly 30%. The company reported its quarterly earnings on January 24 and reported $0.71 earnings per share for the quarter, $0.04 below the consensus estimate of $0.75. Tesla’s revenue for the quarter was $25.17 billion, slightly below analysts’ expectations of $25.64 billion. However, the company reported a 3.5% increase in quarterly revenue compared to the previous year. Based on thirty-three ratings, the stock has a hold rating and price target, predicting an upside of nearly 22%.

Unlike GOOGL, Tesla stock is still in a downtrend and has yet to find significant support. Over the past five days, the stock has consolidated between $175 and $185. Therefore, the stock should break above the short-term resistance of $185 and consolidate above its 5-day SMA for signs of changing momentum.

Apple is the second worst performing member of the magnificent seven years since the beginning of the year, with its shares down almost 10%. The company reported earnings results on February 1 and reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.09. Apple earned $119.60 billion during the quarter, slightly higher than the consensus estimate of $117.99 billion. Analysts are bullish on the stock, with a Moderate Buy rating and a consensus price target of more than 18% upside.

Its shares are also starting to show signs of a turnaround. After finding support near $170, Apple shares have now regained the 5-day SMA. Going forward, if the stock can consolidate above its 5-day SMA and then push above $175, a longer-frame move towards its 200-day SMA could begin to take shape.

Before you consider Alphabet, you’ll want to hear this.

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