AMZN, our most important and useful bellwether for gauging the health of the bull market, ended the week just a tick off the bottom of Friday’s plunge. This wouldn’t be significant by itself, but the fact that the close was also beneath the 1497.81 target shown is not a healthy sign. Looking ahead, a minor Hidden pivot target at 1474.44 (60-minute, A=1565.46 on 3/22) can serve as a minimum downside objective for the very near-term. However, I expect the March 2 low at 1455.01 to have greater consequences for a possible bottom.
