The e-commerce giant spiked the day after Christmas thanks to news of a "record-breaking" holiday season. That ended a three-month imprisonment below its 200-day ( ). It also established AMZN back above the $1,850 area where it peaked in mid-September.
The shares seemed overbought at the time of the breakout in late December. They were not only pushing the top , but stochastics were also well above 90.
Now that it's worked off the overbought condition and some of the other moving averages are rising, AMZN could be ready for continuation to the upside. There's also a catalyst for a potential move because are due on January 30.
Finally, Alphabet just crossed $1 trillion of market cap yesterday. AMZN's about $69 billion away from that big number. How long before that becomes a point of conversation?