The FANGs are beginning to break down.
FANG is an acronym that stands for Facebook, Amazon, Netflix, Google.
These are four of the top performing stocks of 2015. Netflix was the top stock for the S&P 500 returning 134% in 2015. Amazon was #2, returning 118%. Google returned 44% and Facebook returned 34%.
In very simple terms, these are the big market leaders. And now all of them are beginning to break down.
Facebook (FB) is testing critical support. Below this the long-term bull market trendline at sub-100.
Amazon (AMZN) has just taken out support. We’re likely to test to the bull market trendline running back to early 2015.
Netflix (NFLX) has broken its bull market trendline and is coming up against key support.
And finally Google (GOOG) is testing key support. Below this is nothing until 700.
All four of these are sporting ugly charts. Keep an eye on them as former market leaders (and hedge fund darlings) they have critical importance for gauging the general market’s momentum.
Speaking of which, I’ll leave you with this long-term chart of the S&P 500.
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Graham Summers
Chief Market Strategist
Phoenix Capital Research