It looks like I was a week early on my $FB trade from last week as the MM's kept it from failing support until a new week. Yesterday, it finally broke below the support and took a great 4% fall at the lowest of the day. It recovered a bit as it bounced off the lower rail of the descending wedge but still below the triple tested support around 45.70ish. Trading about average daily volume, I think we will see that pick up if it continues to sink lower. The interesting thing to note is that the rest of the social media group sold off with it. That is important to set an overall trend. The 100d sma will be key for the next support area.
As stated above, the whole social media group fell yesterday, including $TWTR. There isn't much to go on since it only has about two weeks of trading under its belt, but the weakness trend is pretty prevalent. 40 has been a mental support area for now and as it broke that level today, the selling accelerated. We should see this one get close to it's pre IPO price before it comes back to the mid 40s.
Inverse to the social media and tech group, financials were positive yesterday. $C broke out of its wedge on Friday last week and today followed through to long term resistance levels. 53.30 creates a new support level and with above average volume, should hold that level. As more volume comes in, I will be looking for a break about 54.56. Be careful of over bought levels on the RSI. It hasn't held above 70 for more then a few days. But a break above the 54.56 resistance could cause an extended stay in the level.
Remember, the market is closed Thursday so we are working with a shortened week. The day after Thanksgiving has generally been weak.
Happy Trading and Happy Thanksgiving.