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FANG Stocks Surge Higher, Is The S&P 500 Next?

By Michael KramerStock MarketsApr 23, 2019 12:57AM ET

www.investing.com/analysis/fang-stocks-surge-higher-is-the-sp-500-next-200409257

FANG Stocks Surge Higher, Is The S&P 500 Next?

By Michael Kramer | Apr 23, 2019 12:57AM ET

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S&P 500 (SPY)
Stocks had another dull trading session based on the S&P 500, but it did manage to close slightly higher around 2908. It would seem that now the S&P 500 is getting ready to make a push towards 2,915.

The pattern in the S&P 500 is forming is an ascending triangle, and it would suggest that the market does break out and make that next move high above 2,915 over the next 2 to 3 days. Overall, the broader market continues to look healthy.

S&P 500, spx

Health Care (XLV)

The health care ETF XLV finished flat, and the chart below shows how the ETF rose to resistance at $86.40 and failed. Indeed not the greatest of signs.

health care

health care

Biotech (XBI)

The biotech XBI ETF also failed at resistance this morning at $85.25.

biotech, xbi

biotech, xbi

Netflix (NFLX)

Meanwhile, investors seem to have come to their sense today about Netflix Inc (NASDAQ:NFLX), and the not so slowing subscriber growth, with the stock surging nearly 5%. The shares closed right at resistance at $378. It will likely result in stock breaking and rising to the next level of resistance around $388. You can see that the RSI is nearing a big break out too, confirming the price.

netflix, nflx

netflix, nflx

Amazon (AMZN)

Amazon.com Inc (NASDAQ:AMZN) also had a big day rising by about 1.5%, with the stock pushing towards $1903. I’m going to have to look at changes in the options trading following today to see if there is a change in the overall outlook for the stock.

amazon, amzn

amazon, amzn

Facebook (FB)

Facebook Inc (NASDAQ:FB) also continues to move higher and is continuing to run towards around $186.

facebook, fb

Alphabet (GOOGL, GOOG)

Alphabet (NASDAQ:GOOGL, GOOG) also had a good day rising about 1% and is closing in on 1,270.

alphabet, googl

alphabet, googl

Square (SQ)

Square Inc (NYSE:SQ) had a pretty good day but still isn’t out of the woods. The stock managed to stop rising at resistance around $73. So we can’t get bullish on this stock again until it can increase and close above that resistance. Sorry, but if I had to choose, I’d still rather own Visa (NYSE:V) and Mastercard (NYSE:MA) over Square, but then again I do hold Visa and Mastercard, and not Square.

sq, square

sq, square

Visa (V)

Visa is one stock that continues to climb, and I have mapped out a path to around $165.

visa, v

visa, v

Mastercard (MA)

Mastercard appears to be on a path towards $252.

mastercard, ma

mastercard, ma

Original post

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1D1W1M6M1Y5YMax

	US 30	42,677.0	+98.2	+0.23%
	US 500	5,760.9	+22.4	+0.39%
	Dow Jones	42,579.08	-427.51	-0.99%
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	Apple	235.33	-0.41	-0.17%
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	Central Banks		Interest Rates	Next Meeting
		FED	4.50%	Mar 19, 2025
		ECB	2.65%	Mar 06, 2025
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		RBI	6.25%	Mar 10, 2025
		PBOC	3.10%
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