Chart of the Day - Thursday, August 20th, 2020

Today’s Chart of the Day was shared on Twitter by Ian McMillan (@the_chart_life). The chart shows the FANG+ ETF, $FNGS, relative to the Nasdaq 100. $FNGS is comprised of 10 of the most beloved stocks in the market including, $TWTR, $TSLA, $AAPL, $FB, $GOOGL, $BABA, $NFLX, $AMZN, $BIDU and $NVDA. Ian points out that $FNGS is breaking out of a 1-month base relative to the Nasdaq 100. Many seem to be fixated on the bearish narrative that these stocks have become 'too big.' However, Ian explains that it's not bearish to see the best players on the team scoring the majority of the points. In a comment, Ian said, "If the strongest (and most important) stocks in the strongest index are outperforming, do you see how it's hard for me to believe that said index is close to changing trend?"