The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU) has confirmed a Resurrection CrossWhen the 50 day moving average crosses above the 200 day moving average, it is called a Resurrection Cross. Conversely, when the 50 day moving average crosses below the 200 day mov... on March 26, 2023. The stock is currently testing a resistance zone at around $97.21.
The FANG+ index consists of Meta, Apple, Amazon, NetFlix, Microsoft, Google, Tesla, Nvidia, Snowflake, and Advanced Micro Devices.
Despite an ongoing bank crisis, technology stocks have displayed remarkable resilience this month. Expectations that the Fed will stop raising interest rates have contributed to the strength of the tech sector.
The Fed’s job of tightening lending standards, which should help contain inflation, has been partially accomplished by the declining cash balances and deposits in smaller regional banks, which may indicate the Fed has reached the end of its interest rate hike cycle.