The latest stock market decline into Tuesday morning carried the Nasdaq 100 Index down to technical price support.
And we saw a mirror image on the composite “FANG” stocks chart (adding together Facebook $FB Amazon $AMZN Netflix $NFLX Google $GOOGL).
Looking at the charts below, you can see how price jumped off this support level. Below is a list of observations for both the FANG Composite chart and the Nasdaq 100 chart:
Nasdaq 100
Nasdaq 100 Pulled back to support from last summer and is now bouncing higher.
89 day moving average provided support, (Fib #)
FANG Composite – Facebook, Amazon, Netflix, and Google Stocks
FANG broke through resistance then pulled back and to test the breakout. They’re bouncing now!
34 day moving average ties in! (Fib #)
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