Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for December 8, 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 up mildly today to new all-time highs. The Dow Jones Industrial Average closed up 104 points (0.35%), the S&P-500 was up 10 points (0.28%), the Nasdaq-100 (NDX) was up 39 points (0.31%), and the Russell 2000 was up 26 points (1.40%).
Within the FANG+3 group of seven stocks, four stocks were up, and three were down on the day. All seven stocks are now in green “buy zone boxes”. GOOGL and TSLA are the only stocks in the group to make new all-time highs recently though. AAPL, AMZN, FB, MSFT and NFLX are all still mired in multi-month sideways patterns.
As for Elliott wave theory, the ending contracting diagonal I’ve been referring to the last couple of weeks is still a viable main wave count in the Dow Jones Industrial Average, but a different interpretation of price action over the past several weeks is preferred now on the S&P. Sentiment conditions (bullishness) remains at rarefied extreme levels in the stock market for now.
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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