FANG Stocks Surge Higher, Is The S&P 500 Next?

S&P 500 (SPY)

Stocks had another dull trading session based on the S&P 500, but it did manage to close slightly higher around 2908. It would seem that now the S&P 500 is getting ready to make a push towards 2,915.

The pattern in the S&P 500 is forming is an ascending triangle, and it would suggest that the market does break out and make that next move high above 2,915 over the next 2 to 3 days. Overall, the broader market continues to look healthy. Here is a video I did today on the subject:

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S&P 500, spx

Health Care (XLV)

The health care ETF XLV finished flat, and the chart below shows how the ETF rose to resistance at $86.40 and failed. Indeed not the greatest of signs.

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health care

Biotech (XBI)

The biotech XBI ETF also failed at resistance this morning at $85.25.

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biotech, xbi

Netflix (NFLX)

Meanwhile, investors seem to have come to their sense today about Netflix, and the not so slowing subscriber growth, with the stock surging nearly 5%. The shares closed right at resistance at $378. It will likely result in stock breaking and rising to the next level of resistance around $388.You can see that the RSI is nearing a big break out too, confirming the price.

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netflix, nflx

Amazon (AMZN)

Amazon also had a big day rising by about 1.5%, with the stock pushing towards $1903. I’m going to have to look at changes in the options trading following today to see if there is a change in the overall outlook for the stock.

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amazon, amzn

Facebook (FB)

Facebook also continues to move higher and is continuing to run towards around $186.

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facebook, fb

Alphabet (GOOGL)

Alphabet also had a good day rising about 1% and is closing in on 1,270.

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alphabet, googl

Square (SQ)

Square had a pretty good day but still isn’t out of the woods. The stock managed to stop rising at resistance around $73. So we can’t get bullish on this stock again until it can increase and close above that resistance. Sorry, but if I had to choose, I’d still rather own Visa and Mastercard over Square, but then again I do hold Visa and Mastercard, and not Square.

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sq, square