FANG, which has evolved into FAANG, is comprised of the darlings of tech: (Facebook (FB), Apple (AAPL), Amazon (AMZN), Netfix (NFLX), and Google (GOOGL)).  There are others, but these behemoths garner the most attention.  They all had good 2017s, but finished the year generally flat and off their highs.  So, where do they go from here? Let’s eyeball the charts.

click to enlarge

FB

As you can see, FB has dropped back to October levels and is testing 23.6% retracement.  That might be a good thing for you long swingers.  FB is pretty good  at respecting Fibonacci levels and the thought here is that FB should reverse back up towards November highs.  If that happens in January, I expect the old highs will be taken out and FB will be off to the races.

FB Daily

AAPL

Apple is a box trader. Meaning, it trades in a sideways consolidation period for a while, then finds its way out of the top of the box so it can build another at a higher level.  I expect AAPL to test support in the high $160s, then work its way back up. If the high 160s doesn’t support, the trend is broken and I would be cautious adding long.

AAPL Daily

AMZN

This is a hard read.  After a huge gap-up on earnings back in October, Amazon has done a great job grinding up. Although off the November highs, AMZN has continued to maintain strength and I don’t expect that to change after they report holiday sales.  The chart doesn’t offer an edge, so I’m not going to play here, but the riskier traders will likely bet on a eye-popping holiday report.  My one technical concern – price has generally moved higher, but MACD is drifting down (divergence).

AMZN

NFLX

The biggest problem with the NFLX chart is that it’s fallen below SMA50 and has really struggled to recover.  SMA50 and SMA100 are both starting to point negative on the daily… not normally a good sign for long swings.  However, people love Netflix and this two week consolidation period could be bought and the next thing you know SMA50 is in the rear view mirror.  That’s my buy – on strong buying through sma50.

NFLX Daily

GOOGL

Like AMZN, GOOGL popped big after its last earnings report, but is now struggling to find its way.  It’s currently at horizontal support and the overall trend is still up (price well above sma50), so this two week pullback is not a bad thing in the big picture. The question is if it will hold here or attempt to retest down to 1020.  There really isn’t much to make of the chart and I’ll likely wait it out until a more reliable setup is created.

GOOGL Daily