Elliott Wave Plus – Daily Trend Report on the FANG+3 Stocks for December 4, 2020

Sid Norris

Elliott Wave Plus

Daily Trend Report on the FANG+3 stocks for December 4, 2020

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

Today’s Summary

Today, the Dow Jones Industrial Average closed up 248 points (0.83%), the S&P-500 was up 32 points (0.88%), the Nasdaq-100 (NDX) was up 61 points (0.49%), and the Russell 2000 was up 43 points (2.37%).

Within the FANG+3 group of seven stocks, four stocks were up, and three were down on the day.  Six of the seven stocks are in still green “buy zone boxes”.  AMZN is the only exception, as it fell out of its green box today.

As for Elliott Wave theory on the major stock market indices, the ending contracting diagonal patterns (starting Nov 10) in the S&P and Dow Jones Industrial Average are still in tact, and both indices ended the week very near Fibonacci targets for the end of B waves within expanded flats that started at the September 2 high.  Bullish sentiment is at record extremes according to several measures.  Next week will be important, and potentially pivotal in the intermediate term.

Here are today’s Elliott Wave Plus educational trend-following screenshots for the FANG+3 stocks:

(click on each screenshot to enlarge)

Elliott Wave Plus – Today’s Daily Trend Charts

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