Are The Mag 7 Looking To Lead The Market Again?

On Thursday, the Roundhill Magnificent Seven ETF (MAGS) broke out of a multi-month consolidation. The breakout didn’t hit all-time highs, but the pattern is capable of sending the chart much higher than the current all-time high. Friday’s retracement is not the follow-through the bulls would have liked to see, but the technical conditions as represented by the MarketGauge’s PRIME Ratings are as strong as they’ve been since 2025. The MAGS chart looks strong. However, when you look at look each component individually, their charts are very different.

While over the last several months, as the market has been coming to grips with the likelihood of a higher Fed Funds rate and the reality of higher long-term rates, the ETF for the Magnificent Seven has been consolidating.