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FANG Update - AMZN Top Near

|Includes:, Inc. (AMZN), FB

Facebook (FB) is approaching my "close gap" target near 128, after surviving the battle to hold 115. Unfortunately, 128 is the do or die moment, with odds tipped toward a big bear win rally failure at the gap near 128 for FB.

The chart below shows the same set-up with another FANG momo darling, Amazon (AMZN.)

The pattern I'm following - blue line in chart below - suggests AMZN should have another day or so of rally to go before the pattern would be complete, with the target 820 to close the gap.

On Balance Volume (OBV) is suggesting the rally - so far - is a dead cat bounce, and thus unlikely to survive the 820 gap fill retest.

This all spells trouble for the broader stock market, where the move I expected for the FANG stocks to close the gap pushing all stock indexes to new highs is near complete, and, if so, we are looking a very significant stock market peak to land later this week, early next.

Too early to tell is this expected peak is a ahead of the "big one," though everything is in place for such a dreaded financial event to land.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.