Direxion Daily NYSE FANG+ Bull 2X Shares (ARCA: FNGG)

Latest news for Direxion Daily NYSE FANG+ Bull 2X Shares (ARCA:FNGG)

Technology

Communication Services

Consumer Cyclical

Direxion

The index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The fund invests at least 80% of its net assets in financial instruments, such as swap agreements, securities of the index, and ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index. It is non-diversified.

Dreyfus Govt Cash Man Ins

Tesla, Inc.

Snowflake Inc

Amazon.Com Inc

Alphabet Inc.Class A

Microsoft Corp

Apple Inc

Direxion Daily NYSE FANG+ Bull 2X Shares

Bull and bear stock market index

Economics

Markets

Movers

ETFs

MicroSectors FANG & Innovation 3x Leveraged ETN

BULZ

FNGG

NXPI

Stocks and ETFs modestly up after US jobs report for June shows unchanged unemployment rate at 4.1% and 6.8 million unemployed; traders predict September rate cut. Top pre-market performers include TSLA, SAP, NXPI, and TSM. ETFs rallying post-inflation data are BULZ, FNGG, and GLD.

4 Stocks, 3 ETFs Trading Higher After June Jobs Report

Trading Strategies For Netflix Stock Before And After Q4 Earnings

Long Ideas

Short Ideas

Specialty ETFs

Technicals

Trading Ideas

NFLX

Netflix, Inc (NASDAQ: NFLX) will kick off big tech earnings on Tuesday when it prints its fourth-quarter financial results after the market close.

AAPL

GOOGL

LCID

MSFT

RBLX

SPXS

Direxion Daily Select Large Caps &amp; FANGs Bull 2X Shares (NYSE: FNGG) popped almost 5% after the market opened Friday, but a move higher was hampered by the general market, which may be in need of consolidation because the S&amp;P 500 has soared 5% over the last three trading days.

Looking To Trade Roblox, Microsoft, Apple, Lucid Stock Bullishly? Here&#39;s A 2X Leveraged ETF

ODESSA MINERALS LTD by ODESSA MINERALS LTD

Needham analyst John Todaro maintains Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) with a Buy and raises the price target from $11 to $16.

News

Price Target

Analyst Ratings

RIOT

Needham Maintains Buy on Riot Platforms, Raises Price Target to $16

On Tuesday, January 21st, U.S. markets closed mixed, with the S&amp;P 500 and Dow reaching month-highs as investors welcomed a restrained approach to tariffs in President Trump&#8217;s initial actions. While concerns about trade policy persist, markets were buoyed by hopes for a more strategic, negotiable approach to tariffs.
Most sectors on the S&amp;P 500 closed higher on Tuesday, with notable gains in industrials, real estate, and health care, reflecting broad market strength. However, energy stocks diverged from the overall positive trend, ending the session lower amid sector-specific pressures.
The Dow Jones Industrial Average was up 1.24% and closed at 44,025.81, the S&amp;P 500 closed higher by 0.88% at 6,049.24, and the Nasdaq Composite rose 0.64% to finish at 19,756.78.
Aisa Markets Today
<ul>
<li>On Wednesday, Japan&#8217;s Nikkei 225 closed higher by 1.58% at 39,615.50, led by gains in the Precision Instruments, Manufacturing and Textile sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 gained 0.33%, ending the session at 8,429.80, led by gains in the IT, Gold, and Industrials sectors.</li>
<li>India&#8217;s Nifty 50 closed higher by 0.58% at 23,159.30, while the Nifty 500 declined 0.15%, closing at 21,400.80.</li>
<li>China&#8217;s Shanghai Composite declined 0.89% and closed at 3,213.62, and the Shenzhen CSI 300 slid 0.93%, finishing the day at 3,797.02.</li>
<li>Hong Kong Hang Seng closed the session lower by 1.63% at 19,778.77.</li>
</ul>
Eurozone at 05:30 AM ET
<ul>
<li>The European STOXX 50 was up 0.83%.</li>
<li>Germany&#8217;s DAX rose 1.13%.</li>
<li>France&#8217;s CAC rose 0.77%.</li>
<li>U.K.&#8217;s FTSE index 100 traded higher by 0.24%.</li>
<li>European stocks rose modestly Wednesday amid cautious sentiment on trade threats from Trump&#8217;s administration. The focus remained on Davos, ECB rate cuts, EasyJet&#8217;s recovery, AI investments, and oil price drops due to U.S. output plans.</li>
</ul>
Commodities at 05:30 AM ET
<ul>
<li>Crude Oil WTI was trading higher by 0.58% at $76.27/bbl, and Brent was up 0.49% at $79.70/bbl.</li>
<li>Oil prices fell further Wednesday as markets reacted to Trump&#8217;s energy emergency declaration, plans to maximize U.S. production, and potential tariffs on Canada and Mexico amid mixed global demand signals.</li>
<li>Natural Gas gained 0.53% to $3.776.</li>
<li>Gold was trading higher by 0.49% at $2,772.71, Silver was up 0.42% to $31.628, and Copper fell 0.24% to $4.3305.</li>
<li>Gold prices rose to an 11-week high amid safe-haven demand driven by tariff uncertainties under Trump&#8217;s administration, while copper prices dropped on weaker demand prospects and stronger dollar concerns.</li>
</ul>
U.S. Futures at 05:30 AM ET
Dow futures were up 0.13%, S&amp;P 500 futures rose 0.40% and Nasdaq 100 futures gained 0.78%.
Forex at 05:30 AM ET
<ul>
<li>The U.S. Dollar Index declined 0.14% to 107.80, USD/JPY gained 0.14% to 155.71, and USD/AUD declined 0.26% to 1.6897.</li>
<li>The dollar hovered near two-week lows amid uncertainty over Trump&#8217;s tariff plans, with mixed currency movements reflecting cautious sentiment.</li>
</ul>
Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

Futures

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

PowerShares DBmmodity Index Optimum Yield Diversified Fund

EEMA

FLAX

CurrencyShares British Pound Sterling Trust

IEMG

IEUR

KraneShares Trust KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KDIV

SPEM

USDU

PowerShares DB US Dollar Index Bullish Fund

Asia Mixed, Europe Up As Trump's Tariff Plans Sparks Market Caution; Gold Hits 11-Week High - Global Markets Today While US Slept

Telsey Advisory Group analyst Dana Telsey maintains Levi Strauss (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) with a Outperform and maintains $26 price target.

LEVI

Telsey Advisory Group Maintains Outperform on Levi Strauss, Maintains $26 Price Target

JFBR

Jeffs' Brands announced that it has issued a non- recourse convertible promissory note in the principal amount of $2,850,000 to an institutional investor

WIIM

GE Vernova shares are trading lower after the company reported worse-than-expected Q4 EPS and revenue.

Telsey Advisory Group analyst Dana Telsey maintains VF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) with a Market Perform and maintains $21 price target.

Telsey Advisory Group Maintains Market Perform on VF, Maintains $21 Price Target

Needham analyst Gil Blum initiates coverage on Absci (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABSI#NASDAQ">ABSI</a>) with a Buy rating and announces Price Target of $9.

Initiation

ABSI

Needham Initiates Coverage On Absci with Buy Rating, Announces Price Target of $9

Guidance

Textron Sees FY25 Adj. EPS $6.00-$6.20 vs $6.42 Est.

Potter will also join the Company's Board of Directors. Potter will succeed Eric J. Lindberg, Jr., who has served as Interim President and Chief Executive Officer since October 2024.&nbsp;

Management

Grocery Outlet Holding Appoints Jason Potter As President And CEO, Effective February 3, 2025

Earnings

Earnings Misses

Textron Q4 2024 Adj. EPS $1.34, Inline, Sales $3.613B Miss $3.810B Estimate

Guidance:
GE Vernova is reaffirming its 2025 financial guidance of revenue of $36-$37 billion, high-single digits adjusted EBITDA margin&#x2A;, free cash flow&#x2A; of $2.0-$2.5 billion, and segment guidance of:&nbsp;
•Power: Mid-single digit organic revenue&#x2A; growth and 13%-14% segment EBITDA margin.
•Wind: Organic revenue&#x2A; down mid-single digits and $200-$400 million of segment EBITDA losses.
•Electrification: Mid-to-high-teens organic revenue&#x2A; growth and 11%-13% segment EBITDA margin.

GE Vernova Reaffirms FY25 Revenue Guidance Of $36B-$37B Vs. $36.88B Estimate

Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) shares are trading higher premarket on Wednesday.
On Tuesday, the company disclosed new AI agents and generative AI features in Oracle Fusion Cloud Sales to enhance sales <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/n43118973/oracle-ai-agents-help-sales-teams-create-more-meaningful-customer-connections" rel="noreferrer noopener">engagement and streamline processes</a>.
These AI capabilities, integrated with Oracle Fusion Cloud Customer Experience (CX), would help sales teams streamline communication, maintain up-to-date records, and build stronger customer relationships.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/43111153/nvidia-and-ai-stock-rises-as-trump-announces-500-billion-stargate-ai-infrastructure-venture" rel="noreferrer noopener">Nvidia, AI Stocks Rise As Trump Announces $500 Billion Stargate AI Infrastructure Venture</a>
The AI-powered engagement agent generates optimized emails, while the records agent automates activity summaries and data entry.
Rob Tarkoff, executive vice president and general manager, Oracle Cloud CX said, &#8220;The new AI agents and generative AI capabilities within Oracle Cloud Sales eliminate many of these rigid and time-consuming tasks, which enables sales teams to boost productivity and create more impactful connections with customers.&#8221;
Gartner predicts that by 2026, B2B sales teams using generative AI will cut prospecting and customer-meeting prep time by over 50%.
Yesterday, co-founder&nbsp;Larry Ellison unveiled plans for an artificial intelligence-driven cancer vaccine system <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/43118941/oracles-larry-ellison-says-cancer-vaccine-tailored-in-48-hours-could-soon-be-a-reality-as-trump-announces-500-billion-ai-investment" rel="noreferrer noopener">that could deliver personalized treatments within 48 hours</a>.
The announcement came as part of a broader $500 billion AI infrastructure initiative called Stargate, a joint venture between Oracle,&nbsp;OpenAI, and&nbsp;SoftBank Group. The project will&nbsp;establish massive data centers&nbsp;across the U.S., starting with a facility in Abilene, Texas.
Investors can gain exposure to the stock via&nbsp;iShares Expanded Tech-Software Sector ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IGV#BATS">IGV</a>) and FT Vest Technology Dividend Target Income ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/TDVI#BATS">TDVI</a>).
Price Action: ORCL shares are up 9% at $188.10 premarket at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/25/01/43119814/google-parent-owned-startup-to-launch-ai-designed-drug-trials-by-year-end-partnering-with-eli-lilly-and-novartis-to-tackle-major-diseases" target="_blank" rel="noreferrer noopener">Google Parent-Owned Startup To Launch AI-Designed Drug Trials By Year-End, Partnering With Eli Lilly And Novartis To Tackle Major Diseases</a></li>
</ul>
Photo via Shutterstock.

Equities

Large Cap

Tech

ORCL

TDVI

Oracle Unveils AI-Powered Sales Tools To Boost Customer Engagements: Details

Johnson & Johnson shares are trading higher after the company reported better-than-expected Q4 adjusted EPS and revenue.

Comerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) reported quarterly adjusted earnings of $1.20 per share which missed the analyst consensus estimate of $1.26 by 4.76 percent. This is a 17.81 percent decrease over earnings of $1.46 per share from the same period last year. The company reported quarterly sales of $825.00 million which missed the analyst consensus estimate of $837.57 million by 1.50 percent. This is a 5.50 percent increase over sales of $782.00 million the same period last year.

Comerica Q4 Adj $1.20 Misses $1.26 Estimate, Sales $825.00M Miss $837.57M Estimate

DELL

NVDA

Shares of AI tech companies are trading higher after President Trump announced a $500 billion AI infrastructure investment called Project Stargate.

Stifel analyst James Condulis initiates coverage on Cytokinetics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYTK#NASDAQ">CYTK</a>) with a Buy rating and announces Price Target of $80.

CYTK

Stifel Initiates Coverage On Cytokinetics with Buy Rating, Announces Price Target of $80

GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) reported quarterly earnings of $1.73 per share which missed the analyst consensus estimate of $2.55 by 32.16 percent. This is a 140.28 percent increase over earnings of $0.72 per share from the same period last year. The company reported quarterly sales of $10.59 billion which missed the analyst consensus estimate of $10.78 billion by 1.76 percent. This is a 8.51 percent increase over sales of $9.76 billion the same period last year.

GE Vernova Q4 2024 GAAP EPS $1.73 Misses $2.55 Estimate, Sales $10.59B Miss $10.78B Estimate

Full-year 2025 guidance:
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">($ in Billions, except EPS)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">January 2025</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">2.0% – 3.0% / 2.5%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">
$90.9B – $91.7B / $91.3B
2.5% – 3.5% / 3.0%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">
$89.2B – $90.0B / $89.6B
0.5% – 1.5% / 1.0%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">
$10.75 – $10.95 / $10.85
7.7% – 9.7% / 8.7%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">
$10.50 – $10.70 / $10.60
5.2% – 7.2% / 6.2%
</td>
</tr>
</tbody>
</table>
</figure>

Biotech

Health Care

General

Johnson & Johnson Expects 2025 Adjusted EPS Of $10.75–$10.95 Versus Consensus Of $10.59

William Blair analyst Max Smock downgrades Charles River (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>) from Outperform to Market Perform.

Downgrades

William Blair Downgrades Charles River to Market Perform

Stifel analyst James Condulis initiates coverage on Edgewise Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWTX#NASDAQ">EWTX</a>) with a Hold rating and announces Price Target of $30.

EWTX

Stifel Initiates Coverage On Edgewise Therapeutics with Hold Rating, Announces Price Target of $30

Direxion Daily Select Large Caps & FANGs Bull 2X Shares

Stocks and ETFs gained modestly on Friday morning after the U.S. jobs <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39620397/june-jobs-report-preview-cooling-labor-market-trends-may-further-bolster-rate-cut-h">report for June</a>, which showed that both the unemployment rate, at 4.1%, and the number of unemployed people. at 6.8 million, changed little. 



Unemployment has risen from the 3.6% unemployment registered in June 2023, when 6 million people were out of work, according to the U.S. Bureau of Labor Statistics.



Traders are assigning a 71.8% chance the Federal Reserve cuts interest rates at its September meeting, according to the CME Group's FedWatch tool.



Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39616016/private-employers-add-150-000-jobs-in-june-less-than-expected-job-growth-solid-but">Private Employers Add 150,000 Jobs In June, Less Than Expected: Job Growth &#8216;Solid, But Not Broad-Based&#8217;</a>



Restricting the screener to stocks with a market cap above $50 billion, here are the top stock performers in Friday&#8217;s premarket session following the jobs report, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



<ul>
<li>Tesla Inc. jumped 1.77% to $250.41 in premarket trading.</li>



<li>SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) moved up 1.4% to $205.94.</li>



<li>NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) gained 0.66% to $274.10.</li>



<li>Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) improved 1.32% to $182.89.</li>
</ul>



Exchange traded funds rallying after the jobs data were:



<ul>
<li>MicroSectors Solactive FANG Innovation 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BULZ#NYSE">BULZ</a>) gained 1.45%.</li>



<li>Direxion Daily NYSE FANG+ Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNGG#NYSE">FNGG</a>) moved up 2.2%.</li>



<li>SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) improved 1%.</li>
</ul>



Bill Adams, chief economist for Comerica Bank, noted that he unemployment rate rose in June to the highest since late 2021, but he also said the big downward revisions to job reports from March and April made the recent trend look considerably weaker.



&#8220;The June jobs report was pretty good, and won't make the Fed cut interest rates at their decision this month,&#8221; he said.



&#8220;But a rate cut is likely at the following decision in September.&#8221;



Read Now:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39252500/fed-meeting-preview-economists-predict-steady-rates-in-june-fewer-cuts-ahead">Fed Meeting Preview: Economists Predict Steady Rates In June, Fewer Cuts Ahead</a></li>
</ul>



Photo via Shutterstock.

Netflix, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) will kick off big tech earnings on Tuesday when it prints its fourth-quarter financial results <a href="https://www.benzinga.com/calendars/earnings">after the market close</a>.

The stock was trading near flat heading into the event, in tandem with the S&amp;P 500, which was consolidating mostly sideways after reaching a new all-time high of 4,868.41 on Monday.

After the streaming giant printed <a href="https://www.benzinga.com/news/earnings/23/10/35317946/netflix-stock-soars-following-q3-results-eps-beat-revenue-beat-strong-subscriber-growth">its third-quarter results</a> on Oct. 18, the stock surged over 16% the following day and subsequently entered a steep uptrend on larger time frames, which brought Netflix to a high of $503.41 on Jan. 11.

For the third quarter, Netflix reported earnings per share of $3.73, beating the Street estimate of $3.49. The company reported revenues of $8.54 billion, which beat the $8.53-billion consensus estimate.

For the fourth quarter, analysts expect Netflix to report earnings per share of $2.22 on revenues of $8.719 billion. Traders and investors will be watching closely to see whether Netflix has been able to retain its client base and gain additional users.

Read Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/01/36738722/netflix-gears-up-for-q4-print-heres-a-look-at-recent-price-target-changes-by-the-most-accurate-anal">Netflix Gears Up For Q4 Print; Here&#39;s A Look At Recent Price Target Changes By The Most Accurate Analysts</a>

Trending:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36735913/jim-cramers-new-bitcoin-theme-is-number-go-down-plus-200-000-btc-mt-gox-distribution-could">Jim Cramer&#39;s New Bitcoin Theme Is &#39;Number Go Down&#39;; Plus 200,000 BTC Mt. Gox Distribution Could Add To Supply Flush</a>

From a technical analysis perspective, Netlix&rsquo;s stock looks neutral heading into the event, having filled an overhead gap but trading in an uptrend on the daily chart.

It should be noted that holding stocks or options over an earnings print is akin to gambling because stocks can react bullishly to an earnings miss and bearishly to an earnings beat.

Options traders, particularly those who are holding close-dated calls or puts, take on extra risk because the institutions writing the options increase premiums to account for implied volatility.

More experienced traders who wish to play Netflix, combined with several other mega-cap stocks, may choose to do so through the Direxion Daily NYSE FANG+ Bull2X Shares&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNGG#NYSE">FNGG</a>). The fund <a href="https://www.direxion.com/product/daily-nyse-fang-bull-2x-shares">seeks daily investment results</a>, before fees and expenses, of 200% of the performance of the NYSE FANG+ Index.

Netflix is the seventh largest holding within the fund, weighted at 9.92%.

It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments.

Want direct analysis? Find me in the BZ Pro lounge! <a href="https://www.benzinga.com/pro/">Click here for a free trial</a>.

The Netflix Chart: Netflix has been trading in a fairly consistent <a href="https://www.benzinga.com/money/stock-chart-patterns">uptrend</a> on the daily chart since Oct. 18. The most recent higher high was formed on Jan. 11 at $503.41 and the most recent higher low was printed at the $475.26 mark on Jan. 17.

<ul>
	<li>The upper gap on Netflix&rsquo;s chart was completely filled when the stock printed its last higher high and Netflix found resistance at the top of that empty trading range. While trading within the gap, Netflix has been holding above the 50-day simple moving average (SMA), which may continue to guide the stock higher and eventually up through the top of the gap.</li>
	<li>If Netflix receives a bullish reaction to its earnings print and bursts up through the $505 mark, the uptrend will remain intact and bullish traders can watch for the stock to eventually print a bearish reverse candlestick, such as a doji or shooting star candlestick to potentially indicate the local top has occurred.</li>
	<li>If the stock suffers a bearish reaction to its print and falls lower on Wednesday, Tuesday&rsquo;s high-of-day will serve as a lower high, which will negate the uptrend. If that happens, bearish traders want to see Netflix lose support at the 50-day SMA, which could indicate a back test of the 200-day SMA is in the cards.</li>
	<li>Netflix has resistance above at $505.37 and at $526.84 and support below at $481.63 and at $448.96.<img alt="screenshot_176_0.png" src="https://www.benzinga.com/files/u278075/screenshot_176_0.png" style="height:358px; width:760px" /></li>
	<li>Featured image sourced from Shutterstock</li>
</ul>

Direxion Daily Select Large Caps &amp; FANGs Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNGG#NYSE">FNGG</a>) popped almost 5% after the market opened Friday, but a move higher was hampered by the general market, which may be in need of consolidation because the S&amp;P 500 has soared 5% over the last three trading days.

Many of the large cap stocks held in <a href="https://www.direxion.com/product/daily-select-large-caps-fangs-bull-2x-etf">the ETF</a> have traded significantly higher over the last few weeks, soaring up from their June 16 lows. FNGG has followed suit, surging 37% from the June 16 low of $4.01 to trade at about $5.60 on Friday.

FNGG is a double leveraged fund that is designed to outperform a number of highly traded growth stocks. The ETF tracks stocks in the technology, information technology, communication services and consumer discretionary sectors.

FNGG&rsquo;s largest four holdings are Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>), weighted at 6.11%;&nbsp;Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), weighted at 5.99%;&nbsp;Alphabet, Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), weighted at 5.82%; and Lucid Group, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), weighted at 5.74%.

The ETF also holds Apple, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Netflix, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).

It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to a long-term investment by experienced traders. Leveraged ETFs should never be used by an investor with a buy and hold strategy or those who have low risk appetites.

FNGG offers returns of 200% compared to its benchmark index for a single day only and is not meant to be held for longer than that.

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The FNGG Chart: FNGG has been trading in a fairly consistent uptrend within two parallel lines, which has settled the ETF into a rising channel pattern on the daily chart. A rising channel pattern is considered to be bullish until a stock or ETF drops through the lower ascending trendline of the pattern.

<ul>
	<li>On Friday, FNGG attempted to break up through the median line of the channel but failed because most of its top holdings dropped to trade mostly flat to their opening prices.</li>
	<li>The ETF was having success holding above the eight-day and 21-day exponential moving averages (EMAs), however, which is bullish.</li>
	<li>If FNGG closes the trading day under the $5.70 level or flat, the ETF will print a shooting star or gravestone doji candlestick, respectively, which could indicate lower prices will come on Monday. If that occurs, traders can watch for FNGG to print a bullish reversal candlestick, such as a doji or hammer candlestick, above the lower trendline of the channel to indicate a bounce&nbsp;is in the cards.</li>
	<li>If FNGG rises up higher over the coming days to reach the upper ascending trendline of the channel, bearish traders can watch for the ETF to print a bearish reversal candlestick, which could indicate FNGG has rejected the top of the pattern again. Bearish traders wanting to take a position in the ETF may choose to trade Direxion Daily S&amp;P 500 Bear 3X (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPXS#NYSE">SPXS</a>).</li>
	<li>FNGG has resistance above at $6.06 and $7.26 and support below at $4.97 and $4.01.</li>
</ul>

<img alt="screenshot_1571.png" src="https://www.benzinga.com/files/u278075/screenshot_1571.png" style="height:427px; width:760px" />See Also:&nbsp;<a href="https://www.benzinga.com/government/22/07/28263383/microsoft-scores-with-us-army-googles-bloomberg">Microsoft Scores With US Army Googles Amid Odds: Bloomberg</a>

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