Will FAANGs Bite Back?

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The following daily chart of FNGU shows that price has broken above and retested a downtrend line.

FNGU is an exchange traded note that tracks 3x the daily price movements of an index of US-listed technology and consumer discretionary companies…the index is highly concentrated and equally weighted.

The next major resistance level is around 47.34 (61.8% Fibonacci Retracement level).

FNGU is comprised of the tech stocks shown on the following daily charts.

Keep an eye on AMZNNFLXBABABIDU, and TWTR to see if they can claw their way back to an uptrend…especially TWTR, which can’t afford to turn down advertising dollars from political ads pertaining to the 2020 election, as was recently decided by its CEO.