FAANGs: Now or Never

Interesting pause here at support. If a model I’m watching plays out, next week could be ugly. On the other hand…think of all the times we’ve seen a meltup during a low-volume holiday week.

There are a few tells, as long as they’re not head-fakes. We’ll start with USDJPY, which has done absolutely nothing to support stocks lately. It’s clearly headed for 112.71. If it were to drop through to the SMA100 or SMA200, we could see some ugly fallout.Then, there are all the FAANG stocks – each one of which is either in trouble or about to be.

First, GOOGL recently broke down from a 10-year rising wedge.Yesterday, it experienced a death cross… …the first one since June 2016. Being GOOGL, it bottomed the very next day.