The 'FA' Breaks away from the 'ANG' in FAANG

Tech is leading but the leadership in tech has been narrowing even further in the last month
Apple and Facebook shares are outperforming - while the rest of the FAANG - Amazon, Netflix and Google are under performing.

One possible trade is a to assume a return to the mean - ie the laggards pickup and/or the winners pullback
The other takeaway is that the market leadership is getting very narrow - ie there is low breadth - which can often foretell a drop in the market (S&P 500 / Nasdaq)