Fear of increased government scrutiny has pushed the most popular stocks of this bull market into a precarious chart pattern.
since December 2017. A "head-and-shoulders" pattern, which in the past has signaled a top, has formed in those 'FANG' stocks once again, just as they did last year before the group and the rest of the market fell apart.
"Past weeks have seen the emergence of a similar head and shoulders top on FANG, supported by a similar breakdown relative to the S&P 500, confirming a pullback for the S&P 500," he added. "A failure for the group to retake resistance vs the S&P 500 supports the bearish breakdown, signaling risk for the broader market," he wrote.
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