Buyers sputtered out after having demolished a clear Hidden Pivot resistance at 2697.25 a day earlier. The reversal probably would have been nastier if AMZN, moving boldly to the beat of a different drummer, hadn’t spent the day shredding its way blithely higher. The 2744.00 peak from March 21 noted here earlier remains crucial to the short- to intermediate-term picture — and the sooner it’s exceeded, the more bullish the implications. Alternatively, if the weakness continues, look for the June contract to fall to the 2620.75 midpoint support shown here. Day-traders can bid 2621.00 for a single contract, stop 2619.75. ________ UPDATE (April 24, 3:08 p.m. EDT): Today’s steep plunge slightly exceeded my target, hitting a so-far low of 2616.00. This would have stopped out the bottom-fishing trade for a theoretical loss of around $63. Judging from chat room discussion, it would appear that subscribers were able to use the target for purposes other than buying against-the-trend — staying out of harm’s way during today’s free-fall, perhaps, pr covering short positions.
