Calling AMZN Rollover for Mon October 29th, 2018

Here's our first post on AMZN today at 10:26:

AMZN-- is circling UNCH so far today. Huh? Yes, it is acting relatively poorly despite a QQQ bounce of 1.7%. Inability of AMZN to claw its way above 1700-1710 for starters, will discourage the faithful, and could trigger another bout of long liquidation that presses AMZN to new corrective lows beneath 1583.74 (10/26), towards my next downside technical target zone in the vicinity of 1450. How long will QQQ withstand lousy recovery price action in AMZN? Last is 1638.72, down 0.3%.

Here's our follow-up post at 13:13:

Since my first chart post at around 10:30 AM ET, AMZN rolled over into a nosedive to a new corrective low at 1550.00, but has since bounced to 1575.00. That said, however, the near term downtrend off of last Thursday's earnings "miss" remains intact. For AMZN to gain any traction, it needs to claw its way above resistance lodged between 1660 and 1675-- on a closing basis. Otherwise, AMZN will remain vulnerable to another roll over that heads towards my next optimal target in the vicinity of 1450.... Last is 1571-1571.50

See both posted charts below.

 

 

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