Not Used to Seeing the Fangs Underwater

The FANG gang in the Nasdaq, the acronym for FB AMZN NFLX GOOGL, is under some pressure today.

If bears are going to reverse this market lower into Christmas, it is likely that FANG will need to crack from what has been an incredibly resilient uptrend for all four leading issues. 

Netflix, in particular, has seemingly acquired an aura of invincibility of late, what with its international growth prospects and crossover appeal to other markets, such as sports. 

Still, on the updated daily chart, below, we can see a bearish engulfing candlestick being printed today, with $130 marking a clear line in the sand for any aggressive shorts to keep a tight, disciplined stop-loss. 

Overall, the crude oil weakness today likely undermined much of the progress bulls seemed to have made in equities last Friday.