FAANG Stocks Turn Timid, Beckoning Caution

I’ve been using very ambitious targets for some FAANG stocks that have helped lead the bull market higher, but because two of the most important ones, GOOG and AMZN, began Tuesday with bull-trap opening bars, it’s time to turn cautious, especially with the approach of a three-day holiday weekend. In practice this will mean using price objectives taken from the respective hourly charts of the two stocks. For GOOG, that would leave room for a rally of about $8 to exactly 956.75; and for AMZN a $6 rally to 977.76. Let’s see how they perform relative to these modest benchmarks.