The FANG group of stocks -- Facebook (FB) , Amazon (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) -- formed positive hammer-like candles on their weekly charts, after several previous periods of underperformance. On the daily time frame, however, they are at best in only the initial stage of recovery, and at worst may be preparing for another leg lower.

The underperformance of the FANG stocks in the post-election period and the potential for them to continue lower and be a drag on the broader market, as I've said.

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The group did go on to break key levels of support and move lower, but the broader market has been resilient, and it moved to new highs. There was a small bounce in the FANG stocks last week, which created the hammer candles on the weekly chart, but the price action in Friday's closing session was not particularly constructive.

Let's take a look at the individual FANG charts and the new technical levels as we head into a new week of trading.

Facebook shares broke the previously highlighted $120 support level and its 200-day moving average last week, moving down to the $114 level. The reinforced support area has proven to be a sticky zone, and the stock price has remained just under the long-term average.

On Friday, it touched back up over the average but pulled back, closing near its low of the session, and forming a bearish dark cloud cover candle in the process. This candle overlaps the upper end of a previously bullish candle and at important intersections of resistance can signal a top.

There has been an increase in volume during this recent downturn, and it looks like the trend is still lower. Support is now the $114 level and a break below it could take the stock to the $108 level.

The daily chart of Amazon shows it breaking through the $755 support level I noted on Nov. 10 and returning to just above the 38% retracement level of the 2016 range and the rising 200-day moving average.

Last week's bounce took it back up through support-turned-resistance, but an ominous gravestone doji formed in Friday's session. This candle has a small opening and closing range situated near the bottom of its overall range, and it suggests indecision and is often seen at transition points.

The momentum indicators have been improving, but the red vortex indicator line is still moving sideways above a green horizontal line, suggesting the trend is still lower.

Price action around the $755 level will determine the intermediate-term direction of the stock.

A series of high-wick candles formed on the Netflix chart in the beginning of the month that reflected an inability to hold higher levels and underlying weakness. A break below support in at the $121 level saw the stock drop sharply lower, but just fail to close the October gap.

The bounce this week took on a triangular pattern, and with the sharp down candle that preceded, it formed a bearish flag or pennant pattern.

The technical picture on this chart is not bullish, and a break below the pennant support line would project a pattern price target below the gap and back to the 200 day moving average.

Alphabet shares were positioned near their 50-day moving average two weeks ago, but quickly took out that average and key support at the $790 level. They were able to halt and reverse the decline after reaching the 200-day moving average, and bounced back up to the former support-turned-resistance level.

The technical momentum and money flow indicators are in negative territory, and a large bearish engulfing candle formed in Friday's session.

The stock has to recover and base above the $790 level to reverse its recent downtrend.

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