Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for December 9, 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 down across the board today. The Dow Jones Industrial Average closed down 105 points (0.35%), the S&P-500 was down 29 points (0.79%), the Nasdaq-100 (NDX) was up 271 points (2.15%), and the Russell 2000 was down 15 points (1.82%).
Within the FANG+3 group of stocks, all seven were down on the day. All seven stocks were in green “buy zone” boxes yesterday, but three (AMZN, MSFT and NFLX) all fell out of their “buy zones” and AMZN entered a new red “sell zone”. What a difference a day makes!
As for Elliott wave theory, the textbook ending contracting diagonal I’ve been talking about in the Dow Jones Industrial Average likely ended this morning. Also, if an interim swing-high peak is “in”, the historic bullish froth that had been building for months will likely take more than a few days or even weeks to move back to neutral.
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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