A Clear Call on Bull Market Awaits AMZN’s Next Move

EST

As always, I’d suggest monitoring AMZN closely to determine whether the nine-year-old bull market that has been in remission since February is about to resume. The stock looks primed for a 5% fall, and if this were to occur the broad averages would likely decline as well. Conversely, if AMZN resists the pull of gravity on Monday, it will be signaling a possible breakout to the upside. The rally would have the potential to hit 1842, about 7.8% above Friday’s 1710 close. We would expect the broad averages to rally commensurately, with the Nasdaq index recording the biggest gains. I doubt that the week will pass without a clear signal from AMZN concerning what may lie ahead.

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