Wednesday Morning Market Thoughts
Yesterday's intraday reversal at $1318.50 in the S&P 500 lifted the index so that it could close above the 50 day moving average. The 50 day moving average has not been well respected as of late, which is why we believe an area around $1300 would serve as better support for a bounce. Nevertheless the […]
Inverse Head & Shoulders In AMZN, SPX, And All Around!
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 […]
AMZN On The Run Higher Again
We pointed this out in the weekly newsletter (http://steadytrader.wpengine.com/newsletter/) over the weekend, and today AMZN is off to the races higher again. At some point here soon a pause is due, but just so we've mentioned it…these inverted head and shoulders patterns are pretty to look at but don't work well (as with most things) […]
Amazon.com (AMZN) Chart Breakout
AMZN has been a rocket ship after announcing earnings last week. Most notably it broke above the key resistance area of $192 on good volume. We are expecting a little consolidation here before the stock heads to higher levels.