Daily Trend Report on the FANG+3 Stocks for November 5, 2020

Sid Norris

Elliott Wave Plus

Daily Trend Report on the FANG+3 stocks for November 5, 2020

Scroll down to view today’s Trend Charts of the FANG+3 stocks (FB, AAPL, AMZN, NFLX, MSFT, GOOGL, & TSLA)

Today’s Summary

The stock market was up big again today for the fourth day in a row.  The Dow Jones Industrial Average closed up 542 points (1.95%), the S&P-500 was up 67 points (1.95%), the Nasdaq-100 (NDX) was up 301 points (2.56%), and the Russell 2000 up 44 points (2.78%).  Within the FANG+3 group, all seven stocks were up.  The daily trend is still down on four of the seven stocks, but all seven stocks are still on buy signals.  GOOGL remains the only stock in the group to make new all-time highs in recent weeks.  The question now is, will the FANG+3 stocks power the overall market to new all-time highs and beyond from here, or will it stay inside the sideways trading zone that started back in early September?  If a new big bold stock market rally is underway, it will take more FANG+3 stocks than GOOGL to carry the load.  Here are today’s educational trend-following-system screenshots, including on-chart commentary:

(click on each screenshot to enlarge)

Today’s Daily Trend Charts

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