Further Volatility Ahead For FAANGs
Amazon plunged today after media rumours surfaced about President Trump's intentions towards its taxation, as shown on the following daily chart of AMZN.
A drop and hold below major support at 1440.00 could see a further decline to 1400, or lower. The dramatic plunge on the momentum indicator signals further volatility and wild price swings ahead for this stock.
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The following daily charts of the FAANGs shows that, during the past one-year period, FB has dropped the most, followed by GOOGL (further details on FB can be found here).
All five stocks have experienced huge price swings and are currently well off their highs on accelerating (to the downside) rate-of-change (ROC). The ROC decline to a new one-year low on AMZN is notable after today's price plunge. If GOOGL and AAPL's ROC indicator make a new swing low on further price decline, all five stocks may drop further. NFLX's ROC has already made a new swing low.
Either way, all of these stocks are in for further wild price swings.
(Click on image to enlarge)
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