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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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Dots

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Thursday, June 15, 2017

"Powerhouse" Profit-Taking

Since I posted my article of May 28 regarding the five FAANG stocks, we've seen some profit-taking in all of them over the past week, most notably in Netflix (NFLX), as illustrated on the 1-Month and 1-Week percentages gained/lost graphs below.



As shown on the following 1-year Daily chartgrid, three of the five are trading around their 50-day moving average, while NFLX and AAPL are now below. All five are hovering around price support.


As I mentioned in my prior article, I'd watch to see whether these stocks break, hold below their respective near-term support levels, and continue to weaken, as such a scenario could precipitate an overall weakening of U.S. equity markets, in general...or whether we see a meaningful bounce anytime soon, accompanied by sustained, decent volumes.