Good morning Traders!
The Big Five in this case refers to the FAANG constituents of the NASDAQ.
FAANG is an acronym for five of the best-performing tech-centric stocks of the past decade: Facebook (now Meta Platforms), Amazon, Apple, Netflix and Google (now Alphabet).
To get better perspective on the condition of these giants, it works well to check the Weekly and Monthly timeframes, as they provide a higher level of clarity.
Meta certainly appears to have fallen from grace. It’s main challenge technically is that it is now sitting at price levels that have previously supported buyers, except that now it is on the other side of that line in the sand. Meta’s recovery will look more solid when it can get back to the $200 level.
Amazon has also experienced quite a correction, putting it kindly. However, one key difference here is that this stock currently sits on a major support level.
Should this level hold, this could be the lowest Amazon goes in a while. More green candles in this area would indicate that buyers are returning.
Apple is an interesting one, and I’m sure that Apple fans would have it no other way.
The outlined amber region is a challenge for this stock. Viewers can see that it has acted as both a ceiling and a floor at some point.
Should price successfully find its way back up above this amber region, that could encourage more buyers to get back in the game.
This pioneering streaming service did find lows in price not seen since July 2017, which must’ve shocked shareholders, but in 2023 already, it finds itself back above some major levels. For buyers to regain serious interest, it needs to keep going and find its way to $400.