In a volatile market, the Magnificent Seven stocks on the IBD Leaderboard, including Nvidia (NVDA), Meta Platforms (META), Microsoft (MSFT), Amazon.com (AMZN), Shopify (SHOP), and Uber Technologies (UBER), are experiencing mixed fortunes. Wall Street is closely monitoring these tech titans to determine whether the Santa Claus rally will spur their momentum or if they'll encounter challenges heading into the new year.

Investors have been keeping a keen eye on Uber's stock, which received an early Christmas present upon news of its inclusion in the S&P 500 this month. The stock continues to soar as a result.

Despite facing recent turbulence, both the Nasdaq and S&P 500 remain near their 52-week highs, with both indexes showing signs of recovery from last week's selling pressure.

Nvidia and Meta are currently testing support at their 50-day moving averages, while Amazon managed to bounce off its 21-day line. Microsoft, on the other hand, slipped below its 366.78 buy point and its 21-day line at the beginning of the week, but ultimately ended the session around the earlier buy point and its 21-day line.

Market analysts emphasize the importance of monitoring how these AI stocks, as well as others, handle support and resistance at their moving averages and recent buy zones. This will provide insights into whether any pauses or pullbacks are indicative of a healthy rest before a bullish holiday season or if they signal potential trouble ahead.

While these tech giants face challenges, the IBD Leaderboard list includes other notable names such as Carpenter Technology (CRS), Eli Lilly (LLY), and D.R. Horton (DHI), all hovering near their respective buy ranges. DHI stock demonstrates a cup-with-handle pattern with a 130.79 buy point, while CRS stock rose over 1% on Monday, trading in the buy zone from the same chart pattern. LLY stock is targeting a 629.97 buy point as it bounces back above its 50-day line.

In addition to the Magnificent Seven stocks, three other companies on the IBD Leaderboard watchlist are showing signs of setting up for potential gains. ELF Beauty (ELF), Booking Holdings (BKNG), and IPO Leader ARM Holdings (ARM) are garnering attention from investors.

As we approach the end of the year and Wall Street gears up for 2024, the performance of Nvidia, Amazon, Meta, Microsoft, and other Leaderboard stocks will be closely watched to see if they can overcome the current pressure and soar to new heights. The Santa Claus rally may hold the key to their success.