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Netflix the first of the FANGs to fall below long term support

SPX Tech analysis by Simon Kazinsky on 10:35 August 20, 2018 EST

Not so great news on the last set of reports for Netflix seem to have been the catalyst for the current decline in its share price.

Netflix peaked at $420 a share in June and then completed a double top in early July. It's been a long way down in just a few short weeks as current price threats the $300 mark. We can say the stock is lingering in the border with bear market territory as the drop is of around 20%.

The daily chart shows how a moving average has been able to hold set backs since 2016 but got decisively crossed last week and action keeps moving south.

The rest of the big tech names have been supported by similar moving averages but they are still holding well above them. Netflix could be the canary in the gold mine.