Socially Awkward

Despite the resurgence of top holding LNKD, the SOCL - ETF for social media stocks - looks suspiciously weak here. 

To be sure, other components have formed a mixed bag. But Facebook, a top three holding in the SOCL ETF, continues to struggle after a well-define rising wedge breakdown, highlighted in light blue on the updated daily chart, below.

I traded FB on the short side earlier this year for a fast win, covering into the breakdown and sidestepping earnings. 

Currently, price is fighting to hold that red line, which is the 150-day simple moving average. A breakdown from there, and especially below $74, likely yields a fresh leg down which would imply an actionable short trade. FB bulls want to try to recapture $78 to stave off the bear case and help boost the SOCL.