Daily Trend Report on the FANG+3 Stocks for September 15, 2020

Sid Norris

Daily Trend Report on the FANG+3 stocks for September 15, 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 Dow Jones Industrial Average was up 2 points (0.01%), the S&P was up 17 points (0.52%), the NDX was up 161 points (1.43%), and the Russell 2000 was up 1 point (0.08%).  Within the FANG+3 group, all seven stocks were up today.  However, the daily trend changed to down today on AMZN and GOOGL,  That means that four of the seven stocks that were keeping the overall market up by screaming higher until two weeks ago are now in downtrends, although most have bounced a bit over the last couple of days.  In Elliott wave terms, might we have seen a wave 1 down followed by a partial retrace for wave 2 since Sept 2?  If so, waves 2’s, when complete, are followed by wave 3’s, and wave 3’s in the stock market are typically the strongest of waves 1, 3, or 5 within an impulse.   Of course, there is no guarantee that an downward 5-wave impulse is in its early stages, but the historic extremes in sentiment and breadth reached two weeks ago would suggest that it really should take longer than just a few days to work off that kind of froth.  Here are today’s educational trend-following-system screenshots:

(click on each screenshot to enlarge)

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Today’s Daily Trend Charts

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