-Price-weighted composite of the FANGs: Facebook (O:FB), Amazon.com (O:AMZN), Netflix (O:NFLX) and Alphabet (O:GOOGL) (now ~$2855) down as much as 15.4 pct from its mid-Mar peak
-Decline sharp, but composite still within longer-term bullish channel; breaking below support, however, can suggest risk for much more severe decline
-Indeed, FANG weakness intensified as tech sector failed its trust test on the charts
-This as FB has plunged on data breach/FTC probe; struggles to save face above support
-And AMZN tumbles on worries President Trump may target the tech giant
-Action has FANG composite on track for 3rd straight weekly decline (worst run since Aug)
-That said, group yet to violate significant support at early Feb trough ($2666.22 weekly basis). Chart: https://reut.rs/2pKtcPi
-This level now backed up by 3+ year channel line (~$2605) and rising 40-WMA (now ~$2581); composite has not closed below long-term MA on weekly basis since early-Feb 2016
-Weekly close below support levels can suggest risk for much more severe bear turn (Aug trough $2185.37)
-Of note, analysts' median PTs on FANGs sum to $3510, or ~23 pct above current value of the 4 stocks
-Meanwhile, FANGs have been an especially favored group within the overall market (composite was up 45 pct in 2017 vs S&P 500 (SPX) 19 pct rise)
-However, FANGs/Financial Select Sector SPDR Fund (P:XLF) ratio on weekly basis turning down from all-time high
-Could be another sign of major relative strength shift in favor of value over growth, tech vs banks face-off; key test would be at ratio support line
(For a graphic on FANGs click https://reut.rs/2pKtcPi)