Has AMZN’s Dramatic Reversal Called The Top?

EST

AMZN hit a bull market target Thursday that had been 17 months in coming and then plunged $82, suggesting it may have made an important top.  The high occurred to-the-exact-penny at a 1083.31 Hidden Pivot resistance that I began drum-rolling in early June when the stock was trading for less than $1000. I put a great deal of emphasis on this forecast because if AMZN was headed toward an important top, so was the stock market. We shall see. But the top was corroborated by another that I had projected in DIA, an equity-based vehicle designed to track the Dow Industrials. It topped Thursday at 217.75. Although that’s a new all-time high, it is not sufficiently above the 217.45 target I’d projected to consider the target decisively breached.  How will Thursday’s dramatic divergence between the Dow and the Nasdaq/SPY be resolved? My gut feeling is that bulls will win this one. Even so, I’ll be watching AMZN in particular very closely, since the broad averages are not going to get very far without the stock’s powerful leadership.

Comments on this entry are closed.

Pan July 27, 2017, 11:38 pm

Some things are worth waiting for
…. . stunning hit !

John Jay July 27, 2017, 10:40 pm

I am not certain about the reason the NQ stocks had an especially hard sell off today.
Perhaps a contributing factor is the level of reckless, unrestrained, lunacy in Congress.

In all of my life, I have never witnessed such idiotic war mongering rhetoric, not even at the height of LBJ’s Vietnam debacle did the Senate and House members swap insults and threats at this level. It is disturbing to see this occurring on a daily basis, and with increasingly vicious tones.

It reminds one of the confrontations in Congress during the years leading up to Civil War.
The caning of Senator Sumner by Rep. Brooks in 1856 comes to mind. We are almost at that level now in Congress.

The provocative Russian Sanctions may very likely provoke Europa into a closer relationship with Russia and possibly China.
It is a wonder to me that after 50 years of invading and regime changing all over the globe, and slaughtering millions of non-combatants in the process, that anyone on this planet has anything to do with this Mad Dog of a Government.



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