I decided to take a look at the FAANG stocks to see which ones are experiencing damage (duds) and which ones are continuing to show internal strength despite the SP500 stalling before reaching all-time highs. There are definitely some winners and losers. I must say that overall there are bearish chart patterns and deterioration showing up even on some of the darlings. Since most of us carry all or some of these stocks (Full Disclosure – I own AMZN & NFLX), caution is warranted on all of these right now.
Facebook (FB) = Dud:
Facebook took a huge hit today and moved it from what could’ve been “darling” to a definitely “dud”. The short-term rising trend (blue) was broken decisively today. On the bright side, the longer-term rising trend is still intact…barely. FB closed below both its 20/50-EMAs. The PMO has been on a SELL signal since the most recent trading channel began. The RSI fell out of bed yesterday. While this could be a possible entry point for a big name stock, I would want to wait until price gets back into the trading range. The next level of strong support is at $200.