Since I posted my article in late May regarding the five FAANG stocks, we've seen some profit-taking in all of them over the past week, most notably in Netflix Inc (NASDAQ:NFLX), as illustrated on the 1-month and 1-week percentages gained/lost graphs below.
As shown on the following 1-year daily chart grid, three of the five are trading around their 50-day moving average, while NFLX and Apple Inc (NASDAQ:AAPL) are now below. All five are hovering around price support.
As I mentioned in my prior article, I'd watch to see whether these stocks break, hold below their respective near-term support levels, and continue to weaken, as such a scenario could precipitate an overall weakening of U.S. equity markets, in general...or whether we see a meaningful bounce anytime soon, accompanied by sustained, decent volumes.
