Can AMZN Overcome ‘Matt’s Curse’?

EST

With AMZN caught in a nasty short-squeeze Monday, the broad averages had difficulty selling off despite the fact that buying enthusiasm was almost nil. I recently adjusted my bull-market target for AMZN when the stock exceeded an 1181.56 Hidden Pivot objective that had kept us confidently on the right side of the trend for the last several weeks.  The target  lies about 9% above current levels, but we should still be very cautious right now, since Monday’s high occurred almost precisely at a 1211 ‘secondary pivot’. When this occurs it puts a stock in jeopardy of succumbing to ‘Matt’s Curse’, a very bearish price formation that in this case could portend a selloff to below 931. Although this seems most unlikely, we’ll keep the yellow warning flag unfurled for another day or two just to be sure.

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Tuesday, January 23, 2018

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