Jay Woods says he's watching key Big Tech charts carefully, including Alphabet (GOOGL), Nvidia (NVDA), and Microsoft (MSFT), the last of which he expresses concern for. He explains how AI spending has shaped investor views on the Mag 7 as all trade well below their record highs. In software, Jay points to "red flags" in Adobe (ADBE) as an AI disruptive company and its uncertain leadership path. He expects Micron (MU) to consolidate around its current levels and sees a greater chance for the S&P 500 (SPX) to drop to 7,000 before rallying to 8,000.