4/12/20 Weekend Update: FAANGs

FAANGs as a whole were net positive on the week. They all began to distribute towards the latter part of the week.

FB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but approaching exhaustion)

Internals: Neutral

Block Volume: Neutral

GEX: Positive

FB Summary: In the upper end of the bounce range and approaching major resistance. No major signs of distress yet, but the readings are showing no serious buying taking place in the block trades. In fact very muted. Would not be surprised if this is gorpy price action taking place here...which implies that there are not many buyers left yet, but sellers are waiting for an exact level to sell massive volume into. Look for major single session selling bar if that is the case. Would not be surprised if that happens this week. Watch that FVG resistance level shown above.

AAPL: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but approaching exhaustion)

Internals: Neutral

Block Volume: Very Negative

GEX: Positive


AAPL Summary: AAPL too is in the upper end of the range and there is a confluence of resistance in this area. Momentum is exhausting, blocks show distribution, lots of FVG gaps below unfilled. Leaking higher in gorpy price action would not be surprising but same setup as FB...looking for a major intraday sell bar for clues. Pullback would be good for bulls. Bears want gorpy action into resistance and then to reset market structure even lower...grab some popcorn on this one.

AMZN: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but exhausted)

Internals: Bullish

Block Volume: Negative (selling into strength very apparent)

GEX: Neutral


AMZN Summary: This is new. I thought I was seeing things but under the hood there is a lot of selling taking place in AMZN. It also has not done anything but fill the massive FVG that it left back in Feb/March off the initial decline. Momentum is totally maxed out and set to fade. Selling underneath. I think this is a MUST WATCH this week. If this was a distributive bounce, and we are headed lower, I zoomed out and found a YUUUGE FVG that was left behind - around 950. That is the major support. I may be seeing things that are not there, but if this doesn't make a new high watch out.


NFLX: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but has reached top end of the frame)

Internals: Positive

Block Volume: Positive

GEX: Positive (barely and sitting near the edge of the flip)


NFLX Summary: Sitting right near the BIG flip in the GEX and approaching earnings. Didn't make a new high. No FVGs which means true price discovery has taken place. So no new highs with absolute price discovery...hmmm. Did hold on Friday at the first support. Three other supports below. Bears going to take a shot at this one? Have to wait and see...

GOOG: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Neutral

Block Volume: Negative

GEX: Neutral (having trouble with the TICKER today - will fix and post GEX during the week).


GOOG Summary: This one is one of the weaker tickers of the FAANGs on this bounce. Has firm FVG resistance above and is still 10%+ below repair level for Market Structure. Selling under the surface. Worth monitoring this week. Seems to be running out of steam in all this resistance selling levels.

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