Five 'Magnificent Seven' names will post earnings before the week ends. Levels to watch

All eyes are on the megacap growth earnings tonight and tomorrow, including five of the MAG 7 stocks. Here's what you need to know from a chart point of view. A familiar bullish chart formation First, let's take a close look at the MAGS ETF , itself. Similar to the SPX , NDX , and XLK , the ETF has rebounded sharply from the March lows — but MAGS has yet to break out to new highs. Unlike XLK, MAGS includes components not strictly classified as technology, which has weighed on its relative performance. The ETF has rallied back to levels from earlier this year, leaving it roughly flat since last October — essentially two earnings cycles of sideways action. While the recent move has been extended in the short term, it follows a period of notable underperformance, meaning there was significant ground to recover to simply return to those former levels. Looking back to last spring, a similar setup emerged — though over a shorter timeframe. The breakout through the neckline a year ago led to a steady and consistent uptrend that ultimately peaked in late October. This time is different for a few reasons. First, MAGS already is back above its 200-day moving average and second — the ETF is much closer to its prior highs than it was last year. Further, the gap higher last May pushed the ETF into overbought territory for the first time but did not trigger a meaningful sell-off. We are now seeing a similar dynamic, with MAGS recently reaching overbought levels again. …