As markets were falling hard last week, a couple of the FAANG stocks looked to be presenting an opportunity for investors.

Below looks at two of those stocks and why they were purchased:

Look alike patterns in  Apple, Google and the S&P looked to be in play at the same time last Friday at each (1). Rising support channels remained in play and each looked to be creating reversal patterns at the same time. The declines did not break 2-year rising channels for each above.

Below looks at Fibonacci retracement levels that we are doing to watch closely for the next few days:

Impressive reversals took place last week in the Dow and S&P at 2-year rising channels at each (1). Fibonacci retracement levels are applied above on the Dow and S&P that we will be watching closely over the next week. Bulls do not want to see selling pressure start taking place at these Fibonacci levels.