Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for December 7, 2020
Scroll down to view today’s Trend Charts of the FANG+3 stocks (FB, AAPL, AMZN, NFLX, MSFT, GOOGL, & TSLA)
The stock market was mixed today. The Dow Jones Industrial Average closed down 148 points (0.49%), the S&P-500 was down 7 points (0.19%), the Nasdaq-100 (NDX) was up 67 points (0.54%), and the Russell 2000 was down 1 point (0.06%).
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 is in a new red “sell zone box” as of today.
As a bonus today, I’ve included a chart of the CBOE Total Put/Call ratio, which features a 10-day simple moving average of the daily close of the Put/Call Ratio, color coded for trend changes. When the Put/Call ratio is quite low, there are far more bullish call options being purchased than bearish put options, indicating widespread and extreme bullish confidence. This type of lopsidedness almost always accompanies significant market peaks. As you can see, the 10-day SMA of the P/C Ratio is quite low at the moment, and is in a similar stretched condition to its Sept 3 low year, and is actually lower than it was on either Jan 24 or Feb 24. When this indicator extends this low, a significant and relatively imminent trend change can be anticipated. The moment it turns green (changes slope from down to up), the stock market will likely be slightly past its interim swing-high peak.
If you would you like to see this updated chart every evening until the line turns green (changes trend), please subscribe to any one of our plans. They start at $25 a month.
Here are today’s Elliott Wave Plus educational trend-following screenshots for the FANG+3 stocks:
(click on each screenshot to enlarge)
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