Idea for AMZN: - AMZN drops on earnings from missing on expectations. - Inflation expectations are everything, not earnings or EPS. - Not a BTD, but reversal... It can go to 1600 after. Big Tech will be in trouble.
Watch when China starts clamping down on USA companies like they have their own. This will be down around 1,000.00 and watch for any US companies exposed to China's Communist iron hand to loose big. Apple, Microsoft, etc.
petrichors
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@DHD269 Interesting thought, i can see how that can make sense
Somewhere betweeen 1930-2025 is where it will land
pechi123
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Today's low partially filled a gap left between 6/7-6/8, and slightly went beyond the 61.8% (3221.8) @ today's low 3211.13, it succeeded to test this area and fill a gap in the process. The low falls within the 3 trading days mid month where important highs/lows are made, as well as 1st 3 trading days of month. This will give from all-time high 3773.08 (7/13) to low both mid successive months. Coming above 3337.70 (8/11's high) more than equal weight in the opposing direction, and bullish at least for a significant countertrend rally or better. The action off today's low appears impulsive to upside.
pechi123
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It has slightly exceeded the 61.8% (3221.8) area today to 3211.13 but is still above wave 1 high 3182, if a rally was to take place at least on a countertrend basis or better, this is an important support area to hold.
pechi123
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Playing fundamentals is a losing game, there's no real way to calculate price from perception of fundamentals right or wrong. Bottom-line on a monthly chart basis, an all-time high was made mid July within the 3 trading day's of mid-month, and especially first 3 trading days of month important highs and lows are often made. So far August low is lower than July low from a month an all-time high was made, there is a large gap down that looms in this issue. Since then its' been in a tight range (3388.88-3299.77) that could be price compression, it'll probably lead to a big move either up or down. AMZN has already retraced over 50% from 2881 to 3773.08 rally that was a reverse Fibonacci multiple target of 1.382, the 61.8% of that rally is around 3269, if a low is made mid-month and there is an impulsive move in 5 waves off that low that closes the gap, then August may be salvaged from a double close (monthly) outside bar combination that would be a bearish formation. If a low first 3 trading days of September there is another opportunity for reversal on a monthly bar level only if September reverses the 2 prior negative bars. It's possible that the NDX is at the beginning of a big 3rd wave up, if AMZN is bullish then its' sails must carry along with the index it is a major component of. The recent high readings of put/call ratio, and recent all-time high in SKEW (though now under still relatively high end), and drop in VIX and VXN from 7/19 highs all point to continuation of bull market.