For the sake of pointing it out but not so much because I want to play this….note the inverse head and shoulders pattern in AMZN. The neckline (resistance) is ust around $192, which by the way is also an all-time high for AMZN. The stock is up nicely today after announcing earnings last night, so in the very near-term could be extended.
Of course there's also a much talked-about inverse head and shoulders pattern currently playing out in tghe S&P 500, as well as in the technology sector etf XLK in case you're curious. With so much upside down head&shoulders patterns around I wonder if it isn't all too obvious?
I'm not involved in any of these patterns but am watching them carefully for clues to the master puzzle.
