This video highlights some significant technical developments & key levels to watch in the market leading FAAMG stocks; FB, AAPL, AMZN, MSFT & GOOG/GOOGL. Collectively, these companies account for a 42.43% weighting in the Nasdaq 100 Index, just 5 companies accounting for nearly half of the returns of a 100+ stock index.
In summary, the near-term outlook for all 5 FAAMG stocks at this time, based on the 60-minute charts, is clearly bearish. However, with 3 of the 5 FAAMG stocks scheduled to report their quarterly earnings next Thursday after the market closes & the other two reporting just a few sessions later, chances are good that the market may trade in a holding pattern until those first 3 FAAMG stocks report, with any potential big market move coming after that. Should these 60-minute charts play out as the technicals would indicate, with all 5 FAAMG stocks moving lower in the coming days to weeks, that has the potential to trigger some more powerful & lasting sell signals on the more significant daily time frames.
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