# The Biggest Stocks In The World Turn Bearish?
**Date:** 2026-03-26  
**Source:** [YouTube](https://www.youtube.com/watch?v=ASa0ipePcW4)

## Main Thesis
The market is showing signs of weakness and indecision, with the Magnificent Seven stocks experiencing double-digit losses from their peaks, and bond market volatility rising. Geopolitical tensions and rising energy costs are adding to the uncertainty, suggesting a potential for larger market pullbacks.

## Charts & Technical Analysis

### 1. GOOGL, TSLA, AAPL, NVDA, AMZN, META, MSFT (daily)

**Bias:** BEARISH
**Pattern:** downtrend from peak

This chart shows the performance of the Magnificent Seven stocks. GOOGL is up +37.46%, TSLA is up +11.55%, AAPL is up +8.63%, NVDA is down -0.83%, AMZN is down -8.59%, META is down -20.80%, and MSFT is down -27.20%. Atkinson highlights that all these stocks are down over 10% from their peaks, with Microsoft down 31.6%, representing a $3 trillion market cap wipeout. He notes that this is shocking given the S&P 500 is only down around 5%.

### 2. ICE BofAML U.S. Bond Market Option Volatility Estimate Index (MOVE) (weekly)

**Bias:** BULLISH
**Pattern:** uptrend
**Key Levels:** 97.5937 current, 60.0344 low

The MOVE index is shown rising, indicating increasing volatility in the bond market. Atkinson notes that this is a sign of problems, especially with tech stocks making up over 35% of the market. He questions what happens next based on history.

### 3. US500 (S&P 500 Index) (4-hour)

**Bias:** BEARISH
**Pattern:** downtrend
**Key Levels:** 6,589.0 current, 6,620.5 resistance, 6,500 support

The S&P 500 is holding a very important level, looking towards a big move. Atkinson points out a downward trend line and suggests the market is at a critical juncture.

### 4. VIX (Volatility S&P 500 Index) (daily)

**Bias:** BULLISH
**Pattern:** uptrend, hovering above 20
**Key Levels:** 25.32 current, 20.00 support

The VIX remains above 20 for quite a few days, indicating sustained market volatility. Atkinson emphasizes that this is a significant factor to consider for both investors and traders.

### 5. Google Trends: Interest in Oil (2004-Present)

**Bias:** NEUTRAL
**Pattern:** all-time high in interest

Google Trends data shows that interest in oil has reached an all-time high. Atkinson notes that this widespread focus on oil prices, especially with rising diesel fuel prices in Australia and talks of rationing, makes oil particularly hard to trade or invest in, as Wall Street might be setting a volatility trap.

### 6. S&P 500 Performance During Major Global Oil Supply Disruptions (12-month forward performance)

**Bias:** BEARISH
**Pattern:** varied, but often significant drawdowns
**Historical Comparison:** Arab Oil Embargo, Iranian Revolution, Iraq Invades Kuwait, Russia-Ukraine War

This chart compares S&P 500 performance during past oil supply disruptions. Atkinson highlights that the first 60-100 days after a geopolitical tension and supply disruption begins are critical for market bottoms or further deterioration. He notes that some past events led to market drops of over 40% and suggests the current U.S.-Iran conflict could be worse, especially if it lasts longer.

### 7. S&P 500: Number of Intraday Reversals Since 2005 (rolling 50 trading days)

**Bias:** NEUTRAL
**Pattern:** increasing reversals
**Key Levels:** 24 threshold

The number of intraday reversals in the S&P 500 has been increasing, indicating a market that doesn't know its own direction. Atkinson explains that this means the market might gap down and close up, or vice versa, showing significant indecision and suggesting prolonged volatility.

### 8. $VIX: Streak of Consecutive Days Above 20 (daily)

**Bias:** BEARISH
**Pattern:** extended period above 20
**Key Levels:** 20 threshold, 18 days current streak
**Historical Comparison:** previous spikes in 2008, 2010, 2011, 2015, 2018, 2020

The VIX has been above 20 for 18 consecutive days. Atkinson points out that historically, if the VIX stays above 20 for 50 days, it often leads to a very large pullback. While not at 50 days yet, the current streak is crossing previous barriers, suggesting potential for larger pullbacks.

### 9. Commodities-to-Equities Ratio (1967-2027)

**Bias:** NEUTRAL
**Pattern:** historically low, but rising
**Historical Comparison:** peaks in 1970s, 1990s, 2000s

Despite recent increases, the commodities-to-equities ratio is still relatively low compared to historical peaks. Atkinson suggests that if this ratio were to reach previous highs, commodities would be extremely expensive, indicating that the market hasn't fully priced in the cost of metals and commodities.

### 10. GLD (Gold ETF) (daily)

**Bias:** NEUTRAL
**Pattern:** down 9 straight days
**Historical Comparison:** previous instances of 9 straight down days

Gold has been down for 9 straight days. Historically, after 9 consecutive down days, gold tends to find a base or some supportive action. Atkinson notes that gold is ultimately a currency and is affected by interest rates, making it less desirable if rates go up too much.

### 11. Gasoline Prices (Front Month Future Contracts) vs. UN Food and Agriculture World Food Price Index (2007-2027)

**Bias:** BEARISH
**Pattern:** energy leads, food follows

This chart illustrates the correlation between energy prices and food prices, with energy leading and food following. Atkinson mentions that fertilizer stocks have gone up significantly, which typically leads to higher food prices and puts staples under pressure. He notes that staples haven't failed at a certain level since the Global Financial Crisis.

### 12. SH (ProShares Short S&P500) (daily)

**Bias:** BEARISH
**Pattern:** accumulation/distribution
**Key Levels:** 36.00 support, 37.00 resistance

This chart shows dark pool activity for inverse S&P 500 ETFs. Atkinson points out large buy positions (circles) and suggests that some players are looking towards the short end, similar to previous instances before market declines. He notes that this could be either profit-taking or accumulation for the next move up.

### 13. SNDK (SanDisk Corporation) (daily)

**Bias:** NEUTRAL
**Pattern:** uptrend with clusters at peak
**Key Levels:** 700.00 resistance, 200.00 support

SanDisk, a hardware company, has seen a significant rally due to data centers, with clusters of activity at its peak. Atkinson suggests that these clusters could indicate profit-taking by Wall Street, questioning if the rally is sustainable.

### 14. VOO (Vanguard S&P 500 ETF) (daily)

**Bias:** NEUTRAL
**Pattern:** sideways/consolidation
**Key Levels:** 630.00 resistance, 610.00 support, 590.00 support

This chart shows activity around the 66-65 level for the S&P 500 ETF. Atkinson notes that there's a lot of activity around this level, but it's unclear if it's accumulation or profit-taking. He highlights that most S&P 500 ETFs show similar patterns.

### 15. SPX (S&P 500 Index) (daily)

**Bias:** NEUTRAL
**Pattern:** long-legged doji
**Key Levels:** 6,591.89 current, 6,545.80 support

The S&P 500 has formed another long-legged doji, indicating indecision and waiting for news. Atkinson points out three consecutive dojis around a key support level, suggesting the market is struggling and showing signs of weakness.

### 16. US500 (S&P 500 Index) (4-hour)

**Bias:** BEARISH
**Pattern:** downward trend line, lower lows and lower highs
**Key Levels:** 6,591.7 current, 6,678.4 options high level, 6,506.1 options low level

The S&P 500 is still in a series of lower lows and lower highs on the higher timeframes, with a downward trend line. Atkinson notes large volumes coming through and suggests that while some traders might see buying pressure, the overall trend is weak.

### 17. Net GEX All Expirations for SPX (2026-03-25)

**Bias:** NEUTRAL
**Pattern:** put walls at lower levels
**Key Levels:** 6500 put support, 7100 call resistance, 6800 HVL

This chart shows the options market for the S&P 500. Atkinson highlights that 6500 is the number one put level, with many puts sitting at 6500, 6600, and 6400. He explains that if these levels are lost, it could create a cascade or waterfall effect.

### 18. Net GEX All Expirations for QQQ (2026-03-25)

**Bias:** NEUTRAL
**Pattern:** put walls at lower levels
**Key Levels:** 580 put support, 610 call resistance, 600 HVL

Similar to the S&P 500, the Nasdaq (QQQ) options market shows significant put support around 580. Atkinson notes that the market is hovering just above these major put walls, indicating potential for a sharp drop if they are breached.

### 19. Net GEX All Expirations for NVDA (2026-03-25)

**Bias:** NEUTRAL
**Pattern:** mixed, somewhat patchy
**Key Levels:** 175 put support, 180 call resistance, 175 HVL

The options market for Nvidia shows mixed and patchy activity, with support around 170-175. Atkinson suggests it will be interesting to watch what Nvidia does, as it has been a bit stronger than other market areas.

### 20. VIX (CBOE VIX Volatility Index) vs. SPX (S&P 500 Index) (daily)

**Bias:** BEARISH
**Pattern:** inverse correlation

This chart compares the VIX with the S&P 500. Atkinson explains that when the VIX spikes, the market generally declines. He notes that the VIX is currently hovering near its highs, and if it gets crushed back down, it's often a sign of market bottoming. However, it's not crushed yet, indicating continued weakness.

### 21. MOVE (ICE BofAML U.S. Bond Market Option Volatility Estimate Index) vs. SPX (S&P 500 Index) (daily)

**Bias:** BEARISH
**Pattern:** inverse correlation

This chart compares the MOVE index with the S&P 500. Atkinson highlights that extreme levels of movement on the MOVE index, unless crushed back down, indicate continued market weakness. He emphasizes that a crushed MOVE index, along with a crushed VIX and breaking higher highs in price action, is what's needed for a strong basing structure.

### 22. DX1! (U.S. Dollar Index Futures) (daily)

**Bias:** NEUTRAL
**Pattern:** pit formation
**Key Levels:** 99.455 current, 100.250 resistance, 98.680 support

The U.S. Dollar Index is still holding up and is currently forming what Atkinson calls a 'pit'. If the market breaks to the upside, it would be bad for equities as money flows into the dollar as a hedge. If the dollar weakens, it could be good for equities. He states that bond guys know more about debt and risk than stock guys.

### 23. IEI/HYG (iShares 7-10 Year Treasury Bond ETF / iShares iBoxx High Yield Corporate Bond ETF) (daily)

**Bias:** BEARISH
**Pattern:** high yield junk spreads
**Key Levels:** 1.49 current

This chart shows the ratio of investment-grade bonds to high-yield junk bonds. Atkinson notes that risk is still relatively high in the bond market. If this ratio were to drop, it would suggest that tensions are calming and there are good signs for the future, but currently, it's not showing that.

### 24. CLX2026 (Crude Oil Futures Nov 2026) (daily)

**Bias:** NEUTRAL
**Pattern:** rejection from highs
**Key Levels:** 76.90 current, 80.00 resistance, 73.22 support

Crude oil futures were up for the last two sessions after collapsing on Monday, suggesting the market is pricing in continued uncertainty. Atkinson emphasizes that crude futures are a decent read on what the market thinks about the future, and most retail traders don't track them.

### 25. NVDA (NVIDIA Corporation) (daily)

**Bias:** BEARISH
**Pattern:** downtrend from peak
**Key Levels:** 178.68 current, 195.82 resistance, 169.88 major support

Nvidia is shown in a downtrend from its peak, with major support at 169.88. Atkinson notes that there are no real changes to this chart, indicating continued bearish pressure.

### 26. IGV (iShares Expanded Tech-Software Sector ETF) (daily)

**Bias:** NEUTRAL
**Pattern:** basing structure at demand zone
**Key Levels:** 80.40 support, 78.42 demand zone

Software stocks were down in the last session and are now touching a most-traded zone with huge volume, forming a basing structure. Atkinson finds it interesting that software is down while Bitcoin is holding, as they have been correlated.

### 27. XLP (State Street Consumer Staples Select Sector SPDR ETF) (monthly)

**Bias:** BEARISH
**Pattern:** uptrend, but showing weakness
**Key Levels:** 81.51 current, 72.00 support
**Historical Comparison:** since Global Financial Crisis

Consumer staples have never closed and held below their 50-period exponential moving average since the Global Financial Crisis. Atkinson questions if this is about to change due to rising food costs. He notes that staples are already down 10% from their peak and are at a very weird-looking support level that could be broken.

### 28. ARKK (ARK Innovation ETF) (daily)

**Bias:** NEUTRAL
**Pattern:** holding support
**Key Levels:** 69.90 support, 69.13 support

ARKK is surprisingly holding okay, despite being composed of high-growth companies. Atkinson notes that it's still structurally holding for now, but it's an interesting observation given the broader market weakness.

### 29. NAS100 (US 100 Cash CFD) (daily)

**Bias:** NEUTRAL
**Pattern:** holding key zone
**Key Levels:** 24,157.9 current, 24,000 support

The Nasdaq is holding right around the 24,000 level, which Atkinson identifies as an all-important zone. He notes that this is similar across most markets at this point.

### 30. ORCL (Oracle Corporation) (weekly)

**Bias:** BEARISH
**Pattern:** sharp decline from peak
**Key Levels:** 146.02 current, 280.00 peak

Oracle is highlighted as a total outlier, having fallen 59% from its peak. Atkinson uses this as an example of expecting the unexpected in markets, emphasizing that if it's in the press, it's in the price.

### 31. ETH/USDT (Ethereum) (4-hour)

**Bias:** BULLISH
**Pattern:** potential inverse head and shoulders
**Key Levels:** 2,160.37 current, 1,896.36 support

Ethereum is showing signs of a potential inverse head and shoulders pattern on the small timeframe. Atkinson notes that if it breaks to the upside, the technical distance would be significant, similar to Bitcoin.

### 32. BTC/USDT (Bitcoin) (4-hour)

**Bias:** NEUTRAL
**Pattern:** holding better than other markets
**Key Levels:** 71,150.40 current, 65,170.99 support

Bitcoin is holding better than other markets, which Atkinson attributes to rotational flow as money comes off riskier assets. He notes that these markets were already beaten down a lot, making them attractive for rotational capital.

## Regime / Cycle Analysis
The market is in a late-cycle phase, characterized by rotation out of leading tech stocks into other sectors. Geopolitical tensions are increasing, leading to rising oil prices and concerns about food costs. Bond market volatility (MOVE index) and equity volatility (VIX) are elevated, indicating significant uncertainty and potential for larger market pullbacks. The increasing number of intraday reversals in the S&P 500 suggests a lack of clear direction. The market is also facing the unique challenge of upcoming AI IPOs in a volatile environment, making historical comparisons less straightforward.

## Key Calls & Predictions
- Expect double-digit losses from the peaks of Magnificent Seven stocks.
- Monitor the MOVE index and VIX for signs of market bottoming (crushing back down).
- Watch the S&P 500 for a break of key support levels, which could trigger a cascade effect.
- Be aware of rising oil and food prices, as energy leads and food follows, potentially impacting consumer staples.
- Track dark pool activity for inverse ETFs as an indicator of institutional sentiment.
- Observe the U.S. Dollar Index (DXY) for upward breaks, signaling money flowing into the dollar as a hedge against market risk.
- Pay attention to high-yield junk bond spreads (IEI/HYG ratio) as an indicator of overall market risk appetite.
- Watch crude oil futures as a decent read on future market sentiment.
- Expect the unexpected in markets, as volatility and significant declines can happen rapidly, as seen with Oracle.

## All Instruments Mentioned
GOOGL, TSLA, AAPL, NVDA, AMZN, META, MSFT, ICE BofAML U.S. Bond Market Option Volatility Estimate Index (MOVE), US500, VIX, Google Trends: Interest in Oil, S&P 500 Performance During Major Global Oil Supply Disruptions, S&P 500: Number of Intraday Reversals Since 2005, $VIX: Streak of Consecutive Days Above 20, Commodities-to-Equities Ratio, GLD, Gasoline Prices (Front Month Future Contracts), UN Food and Agriculture World Food Price Index, SH, SNDK, VOO, SPX, Net GEX All Expirations for SPX, QQQ, Net GEX All Expirations for QQQ, Net GEX All Expirations for NVDA, VIX (CBOE VIX Volatility Index), MOVE (ICE BofAML U.S. Bond Market Option Volatility Estimate Index), DX1!, IEI/HYG, CLX2026, IGV, XLP, ARKK, NAS100, ORCL, ETH/USDT, BTC/USDT, Hang Seng Index Futures (HSIM), German 40 Index (GER40)

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*Generated by FX Evolution Monitor on 2026-03-25 23:01:09*