The Market’s Last Pillars Are Cracking — And The Biggest Bank In America Just Flashed A Major Warning

One by one, the major market leaders are breaking down.

We’ve already covered how Big Tech has collapsed. Of the Mag-7, FOUR companies (MSFT, AMZN, META, and TSLA) have already touched or are trading below their 200-day moving averages. The MAG-7 ETF (MAGS)  (MAGS) as a whole is right on the line, held up by NVDA, AAPL and GOOGL. If it takes out this line… the bull market is OVER.

Tech is not the only sector that is in danger of a collapse. JP Morgan (JPM) which is the largest company in the second most heavily weight sector (Financials) is also at its 200-DMA. This is extremely worrisome because banks are highly sensitive to changes in the real economy. If JPM which is the best of the best is about to lose its bull market trendline… then something UGLY is brewing in the financial system.

I now believe the rest of the overall market is about to play catch up to the downside. And ultimately, I believe the S&P 500 will drop ~10%, bringing it to the 6,300s.