As the year begins and capital begins to be put to work, a new chapter is unfolding for members of the heralded 'Magnificent Seven.' As the curtains rise in 2024, these tech behemoths, the guiding stars of the market in the past and indeed 2023, now find themselves at a crossroads. 

The narrative that dominated 2023, where these stocks and the tech sector reigned supreme, is undergoing a subtle transformation in the early days of this new year. The widely popular tech sector ETF Invesco QQQ (NASDAQ: QQQ) paints a portrait of this shift, with a near 3% decline year-to-date, marking an unexpected turn for the tech giants.

Amidst this backdrop, three of the Magnificent Seven, Alphabet, Amazon, and Tesla, might now be catching the attention of investors and traders alike as they approach significant moving averages. The pivotal question likely on those people's minds: Could this be the opportune moment to buy into these stocks?

Let's delve into the current standing of these tech titans to uncover the nuances that might guide investors' decisions:

Alphabet (NASDAQ: GOOGL)

Alphabet, a worldwide tech firm and Google's parent company, oversees YouTube, Waymo, Mandiant, and various tech subsidiaries. Its key ventures involve online and mobile search, advertising, cloud services, and app sales. Holding over 90% of the global search market, Alphabet leads in online search. Additionally, Google's Bard AI chatbot competes prominently with ChatGPT.

Since the beginning of the year, shares of Alphabet have fallen steadily, now down almost 3%. Despite the short-term decline, GOOGL remains a top-rated stock on the list of most-upgraded stocks. The tech giant has a P/E ratio of $26.05 and a consensus price target forecasting an almost 10% upside. 

Now having formed a short-term downtrend, trading lower over the previous seven trading sessions, the stock is quickly approaching its 50-day Simple Moving Average (SMA). A level many might be watching closely as a potential area for the stock to find support and bounce off of. 

Amazon (NASDAQ: AMZN)

Amazon is a major global player in online retail, cloud services, and digital entertainment. Notably, its acquisition of Whole Foods and the introduction of Amazon Prime, offering Prime Video and expedited free shipping, mark key strategic pivots for the company. Impressively, Amazon has projected earnings growth north of 37% and is one of the most upgraded stocks by analysts.

Like Alphabet and the overall sector, shares of Amazon have faced steady selling pressure since the start of the year, now down over 4%. And just like GOOGL, shares of the online retailer have quickly approached its rising 50-day SMA. 

After trading into it on Friday, the stock found support and could close above this all-important level. Going forward, it will be crucial to see whether the stock can continue to base above or not. If it fails to hold over the 50-day, a move toward its rising 200-day SMA might occur. 

Tesla (NASDAQ: TSLA)

Tesla pioneers electric vehicles, driver assistance tech, and renewable energy goods. Dominating U.S. EV sales, it's helmed by the charismatic and contentious CEO Elon Musk, amassing a devoted following. Although its stock surged by over 100% last year, it’s currently one of the lowest-rated and most downgraded stocks and one of the most popular and searched-for stocks.

Similar to the stocks mentioned above and fellow magnificent seven members, shares of Tesla have faced sustained selling pressure in the first week, down over 4%. However, a more intriguing position exists in Tesla’s stock from a technical analysis perspective. 

Following the decline, shares of Tesla are now trading near its rising 50-day and 200-day SMA. Therefore, investors and traders will closely monitor this area as a potential springboard for the stock or momentum shift should it fail to hold and base above it.