Elliott Wave Plus
Daily Trend Report on the FANG+3 stocks for January 8, 2021
Scroll down to view today’s Trend Charts of the FANG+3 stocks (FB, AAPL, AMZN, NFLX, MSFT, GOOGL, & TSLA)
After a holiday break from posting the daily FANG report, here’s an update on what’s been happening with the largest, most-traded stocks known as FANG or FAAMG. Expect these updates occasionally moving forward, but not daily. Shown below are the latest screenshots of the seven covered stocks.
Interestingly, only one of the seven stocks has been rallying strongly recently, and that stock is Tesla, which made another new all-time high today. From an Elliott wave perspective, TSLA appears to be thrusting up out of a triangle since November 10, and the thrust to the upside appears to be in its 5th and final (blow-off) wave.
As for the other FANG+3 stocks, they all have different all-time high dates: Apple: Dec 29, Amazon: Sept 2, Facebook: Aug 26, Google: Dec 3, Microsoft: Sept 2, and Netflix: July 3. This indicates that the stock market is splintered, with only a select few of the large caps leading it to current all-time highs. Amazingly, the small caps have been stronger as a group than the prior leadership FANG stocks since late-October.
One more observation. Most of the FANG+3 stocks have been chopping sideways since their mid-year all-time highs. They haven’t been rallying in a trend, but they haven’t been breaking down either. Once again, from an Elliott wave perspective, sideways chop is corrective, and doesn’t necessarily indicate a larger trend direction. Long periods of sideways chop always eventually give way to trending price action. The question is, which direction? We’ll know when the our trend-following template tells us.
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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