Most FAANGs are reporting this week. The index itself is still stuck within the negative trend. Not many bother talking about the FAANGs these days as investors have cut exposure in tech, but it is surely one of the top sentiment indicators still. NYSE FANG index briefly touched the negative trend line and is breaking below the 50 day as of writing.
Below chart shows the NYSE FANG index (white) versus NASDAQ (orange). Note the recent underperformance by the FAANGs. Slightly disturbing gap for the bulls.
FB reports tomorrow. Note the stock took a dive below the 100 day today. 200 day is at the 140 level.
Apple, reporting in a few hours, has managed bouncing some lately, but watch the resistance at 160 as well as the 50-day approaching. 140 is the recent low level to keep track of.
Amazon reports in two days. The stock is down to the 50 day here and 1600 is a big level to watch.
Netflix turned right on the negative trend line and trades below the 200-day average again.
Google is the most boring of them all, but note how it turned lower on that negative trend again.
Source: charts by Bloomberg
The charts above is just an update to the note on FAANGs we posted a little while ago. All FAANGS are lower compared to then, but NASDAQ trades exactly at the same level. For the real bull we need the FAANGs to trade better, so let’s see how Apple reacts in a few hours.