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FANG rally boosts market, but maybe not for long

FANG (Facebook, Amazon, Netflix and Google) apps on a smartphone.
Adam Jeffery | CNBC

Facebook's strong earnings report added fuel to the "FANG" basket rally this month, but what does that mean for the market going forward?

FANG is an acronym created by CNBC's Jim Cramer for the top-performing technology stocks — Facebook, Amazon.com, Netflix and Alphabet (formerly Google).

The FANG basket is now up more than 5 percent for July compared to the gain of 3 percent.

Using Kensho, a hedge fund analytics tool, we looked at what happens to the market during and after FANG increases of 5 percent or more in a month.

Here is what we found.