Equity Technical Advantage: FANGs get caught in dull scissors

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Equity Technical Advantage: FANGs get caught in dull scissors

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Equity Technical Advantage

FANGs get caught in dull scissors

Market Analysis

View: Headwinds mount, still time for risk-management 08 June 2026

Strong U.S. data (employment) supported our higher yield, lower euro and hedge equities Technical Strategy

view (see: Technical Advantage: Dull scissors 27 May 2026). Monetary policy Global

expectations continue to shift—from anticipated rate cuts to renewed risk of hikes. As Paul Ciana, CMT

this pendulum swings, we expect our views to accelerate. In this report, we chart the Technical Strategist

constituents of the NYSE FANG+ index. We also reiterate our SMH framework: when the BofAS+1 646 743 7014

14-week RSI exceeds 80, history suggests the vertical phase of the advance is nearing paul.ciana@bofa.com

completion, typically followed by higher volatility—conditions that are now emerging. Jonathan Hartley, CMT

Technical Strategist

NDX: 30k reached, risk-reward poor, bearish signals BofASjonathan.a.hartley@bofa.com

The NDX rally extended slightly beyond expectation, breaking above 30,000. The trend

became stretched relative to our measured move targets, 14-week RSI reached and

turned down from ~78 and a bearish engulfing week formed. This reinforces our view BofA Global Research Reports

from our May 27 and May 16 reports that equity longs should manage risk with a trailing

stop, such as SPX 7,333, or leverage the options market. For NDX, 28,567 is the next key Title: Subtitle Primary Date

level to watch, below this would mark a four-week new low. Then a retest of the 2025 Author Published

highs ~26,182 will look like a greater risk. Seasonality Advantage: A Paul Ciana, 31 May

tale of two Junes CMT 2026