A midpoint resistance at 1837.77 neatly contained the latest buying spree, although there’s no reason to think bulls (and short-covering bears) won’t obliterate it the next time they get a chance. That would put the 1936.21 target shown in play. This number differs slightly from the target given here earlier, which used night bars. With a potential $114 rally in the offing, we’ll look to get aboard any way we can, presumably via camouflage if there’s no ‘mechanical’ pullback to the green line._______ UPDATE (August 9, 4:18 p.m.): The target is still valid, but a buy-and-hold position held to a 1:3 risk/reward would have been stopped out (very profitably) near 1914.00. _______ UPDATE (August 13, 7:25 p.m.): Buying Amazon shares is about the only trick Wall Street’s portfolio-managing chimpanzees seem to know — no matter what the stock market is doing. They bought stock as high as 1925 today — $11 shy of my target — before retreating below 1900. As a practical matter, using the ‘dynamic’ trailing stop I always advise, any long positions predicated on the 1936 price objective would have exited on a 1921.26 ‘dynamic’ trailing stop. The target remains valid nonetheless.
