4/18/20 WEEKEND Update: FAANGs

FAANGs carried the market advancement this week.

FB: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (bearish x-over but no confirmation yet)

Internals: Positive (over the zero line but money flow not great)

Block Volume: Positive

GEX: Positive

FB Summary: Seems like this should naturally try for the upper end of the distribution - I am not sure it has the setup to take out the MSL. Mixed internals, positive GEX, and earnings are coming up (orange line price chart). I don't trade earnings ever but these for the FAANGs next two weeks are market impacting.

AAPL: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Neutral (bearish x-over Friday)

Internals: Positive (over zero line but turned over)

Block Volume: Neutral

GEX: Positive


AAPL Summary: AAPL had a bad day Friday with a strong advancement of the market. The distribution box has been a struggle for the past week. Earnings a week or so out but we should know more about this by then I would suspect. It needs to show strength early in the week to regain footing.

AMZN: Chart with Detailed Levels

Market Structure: Bullish

Momentum: Bullish (but exhausted)

Internals: Bullish (but seemed topped out)

Block Volume: Positive with lots of chasing

GEX: Neutral


AMZN Summary: AMZN turned markedly bullish on Monday and didn't look back. Almost 20% in a week is quite exuberant. Liquidity flows were apparent inflow (green chaser bars massive). The only question is was that a blow off of some kind? The answer is how it trades this week. If that was a blow off, it will sell off and break lower. If it was a start to something more, then one of the green levels notated will hold (FVGs to be filled left behind as there were 4 this week!) and you will see price take out T1 and head to T2 in the coming week(s).


NFLX: Chart with Detailed Levels

Market Structure: Bullish

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

Internals: Positive (but sucked out big time Friday)

Block Volume: Positive

GEX: Positive


NFLX Summary: NFLX and AMZN carried everything this week. Same question for NFLX as AMZN - was that a blow off liquidity surge of some kind or was that the start of a new trend? The way that NFLX reacts at the green support levels should give us some inclination. Thursday and Friday price action was not ideal for bullish thesis and looks more blow off...but that is not a final answer at this point, just an observation.

GOOG: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Positive (above the zero line now)

Block Volume: Neutral

GEX: Neutral


GOOG Summary: Still the weakest of the group. Having said that, we could be seeing a rotation between the FAANGs now (out of AMZN and NFLX after their price advancements this past week) and into FB and GOOG? That is total conjecture, but I see nothing that would make me short GOOG or FB here. We need to see internals turn down while price keeps meandering up...that would be a short. Otherwise, this could pop like AMZN and NFLX...setup is there if a rotation takes place.

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