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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* 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.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Monday, July 30, 2018

The FAANGs: What I'm Watching

Together, the 5 FAANG stocks + 5 tech stocks make up FNGU (an exchange traded note that tracks 3x the daily price movements of an index of US-listed technology and consumer discretionary companies...the index is highly concentrated and equally weighted).

The following 1-year and 2-month daily charts of these 10 stocks, FNGU, plus INTC, show price action relative to their 20 and 50-day MAs, as well as the Rate-of-change (ROC) technical indicator.

Ten out of twelve of them have broken their uptrends, some more recent than others, while others have been mired in sideways consolidation zones for months. "Shock drops," together with high volumes and accelerating ROC, occurred last week on FB, TWTR, INTC and FNGU, while NFLX experienced those on July 17 and is attempting to stabilize.



The following daily chart of FNGU shows that price has dropped below the 40% Fib retracement level (69.00) and has broken its uptrend. Price closed last Friday at a low-volume level of the Volume Profile depicted along the right-hand side of the chart.

Near-term resistance lies between 68.62 and 69.00, while first support sits at 50% Fib retracement of 63.21, followed by  price support at 60.00. The Volume Profile POC (point of control) sits well below at 53.98.

Over the next few days/weeks, I'll be watching to see if FNGU, either breaks and holds above resistance at 69.00, or whether it continues to drop to the above-noted support levels, or lower. Accelerating volumes and ROC in either direction may provide clues for longer-term sustainability of trend...not only for FNGU, but, potentially, also for the eleven tech stocks mentioned above.