Get AMZN right, as I have said here repeatedly, and you get the stock market right. We’ve been using a rally target at 2059.15 as a minimum objective, but today’s chart (see inset) shows a bigger-picture target at 2176.18. This Hidden Pivot resistance lies 8.5% above current levels and should be considered an odds-on bet to be reached if and when the 2059.15 midpoint pivot has been decisively penetrated. Notice, however, that buyers recently stalled very near that number and that the stock subsequently relapsed, albeit only mildly so far. We should keep this impediment firmly in mind as the stock flirts with it in the days, or perhaps weeks, ahead. If at any point buyers are perceived to have blown past it, take it as a sign that AMZN is effortlessly on its way to 2176.18. This presumably would drag the FAANGs and the broad averages significantly higher, at least until the target is reached._____ UPDATE (Oct 2, 8:03 p.m.): Although there is still the strong presumption that the stock is headed significantly higher no matter what happens in a given day, its downturn on Monday from a high that did NOT surpass a prior ‘external’ peak deserves our cautious attention. The move was bearishly impulsive on the hourly chart, but we’ll need to see a retracement and a second leg down before we can confidently assess bulls’ mettle._______ UPDATE (Oct 4, 9:21 p.m.): The stock has fallen a not-so-mild 106 points since topping last week at 2033, but it’ll take another forceful day of selling to generate a bearish impulse leg on the daily chart. Specifically, AMZN would need to take out both of the lows shown in this chart — one of them internal; the other, external. Will bulls finally get their comeuppance? We can only wait and see._______ UPDATE (Oct 7, 4:54 p.m.): Bears chickened out just shy of creating the impulse leg mentioned above (see my note in the last update, but also click here for the chart), but they did manage to exceed an important ‘internal’ low. The rally would trip a ‘counterintuitive’ buy signal if it hits 1911.57, but the earlier in the session this occurs, the more likely it is to produce a rally to at least p=1960.31. _______ UPDATE (Oct 8, 9:25 p.m.): My post in the chat room 45 minutes into the session got the day just about right: ‘AMZN is just shy of generating a second CI buy signal off A=1855 (8/17). If bulls were serious they’d have succeeded the first time.’ In the actual event, AMZN began the day with a phony rally, then relapsed 72 points. It bounced back 48 points in the afternoon, but I won’t become a true believer until such time as the move exceeds an ‘external’ peak at 1903.38 recorded Friday on the way down.