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tsptalk said:
AMZN .... looks primed for that breakout here but nothing says it can't come back down to test the bottom of the channel again first.
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The breakout looks good but a second retest of old resistance in progress has to hold. Looks like general weakness across the board in FAANG stocks despite earnings blowouts.
 
AMZN getting hammered in AH missing earnings but worse, guided lower. Cloud computing was their bright spot, but that tells us nothing about the consumer & inflation.

Looks like the retest is happening tomorrow.
 
Whelp, that's it. Expect the whole entire market to follow. Pretty amazing when you think about it that Amazon has gone nowhere since June 2020.

Double top measured move would indicate some additional downside to around $2,700 levels.

amzn down.png
 
Bullitt said:
Whelp, that's it. Expect the whole entire market to follow. Pretty amazing when you think about it that Amazon has gone nowhere since June 2020.

Double top measured move would indicate some additional downside to around $2,700 levels.

View attachment 52913
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The C Fund is only down around 10% from its high and the S Fund is down around 20%. So I sure agree! For all those calling the C Fund the stock market, those big tech names holding up the big cap indexes, could really push the C Fund much lower now. That is "IF" we don't get an oversold bounce soon.
 
Wow, I didn't see that today. Just playing devil's advocate here, it looks like Amazon has a habit a fake outs on the downside before bottoming.

(FTYI, I don't currently own AMZN)

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Bullitt said:
Whelp, that's it. Expect the whole entire market to follow. Pretty amazing when you think about it that Amazon has gone nowhere since June 2020.

Double top measured move would indicate some additional downside to around $2,700 levels.

View attachment 52913
Click to expand...
 
Note, Rivian, which amazon has a large stake in, was down 44% in the 4th quarter of 2022
[TABLE="width: 139"]
[TR]
[TD]Date[/TD]
[TD]Close[/TD]
[/TR]
[TR]
[TD="align: right"]9/30/2022[/TD]
[TD="align: right"]32.91[/TD]
[/TR]
[TR]
[TD="align: right"]12/30/2022[/TD]
[TD="align: right"]18.43[/TD]
[/TR]
[/TABLE]
 
Microsoft isn't really a FANG stock, but rather MAGA (Microsoft, Apple, Google, Amazon), but basically...


After the first wave of earnings from big tech, Microsoft has broken out after a gap up. It is hitting some resistance there, however.

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Google is up, but not very impressively being below the early April highs. The 200-day EMA did get tested, and hold, after some selling earlier today.
 
The original FAANG stocks all look pretty good here - except Apple. Can this continue to hold up the market indices while we see weakness in some of the broader indices?

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From Sentimentrader. Thanks META, you saved the day and made everything good again. Even though everyone is saying this isn't a tech bubble and 2000 was, I can't help but notice that grouping around the tech crash.

This seems like it's going down as one of the very few times since the S&P 500 became a 500-stock index that it jumped more than 1% on a day when more of its stocks declined than advanced. Forward returns weren't great.
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https://twitter.com/jasongoepfert/status/1753526344703439334
 
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