FDN Internet ETF with it's 35 % FANG stock representation,
has shown an extraordinary chart rollover in late 2018.
As the chart shows,
the massive selling of these type of stocks by large institutions
the prior market leaders, that they ALL had to own,
is just beginning the process of unwinding the excesses,
that will ultimately lead these FANG stocks
Friday put in value at the top of the range with a text book 3 day bottoming reversal formation. This sell off came right down to the expected 100% down side move from the consolidation break. There is some reason to think the internet stocks will stabilize at least into NFLX earnings this week. Internet is still holding the intermediate trends well. The big...
This internet ETF is close to cross out of the bearish phase but not quite yet. Odds look good first of the week that FANG will turn the corner. Just be careful assuming the down trend is done. The 1 hr down trend could easily just get another leg lower once it touches trend change. I for 1 think we see an earnings run up in the markets next week. We just...
$FDN - FANG stocks ETF looking oversold on the daily, catching support around $134. Expecting a bounce in the near/medium term.
Targeting $145-150 area by mid November.
Note: Informational analysis, not investment advice.
FDN: First Trust Dow Jones Internet Index Fund - in 4th and likely final phase of the rally which began in early 2016. It can go on another 2% from here but then should hit problems. Use this index fund as confirmation next week - looking across the FAANGS for signs of completion. This looks like the final vertical ascent. Don't get sucked in now. Rather, get...
MA 50 support+two trend lines support+lower of B bands support-I think this is enough to open a long position.
We are talking about the correction, but after such a fall, you can take enough interest. Importantly, do not buy too high:
it may be too far from the stop line.
The companies that make up this ETF are: GOOG (8.53%), AMZN (8.10%), EBAY (5.60%), PCLN (5.23%), CRM (4.74%), YHOO (4.39%), NFLX (4.39%), JNPR (4.09%), CHKP (3.52%), EXPE (3.07%). Most of which have had incredible runs thus far. I think we will see some profit taking. $55.43 is actually where the 2.618 fib ends.