Long Pausing at Support Before Earnings

The major indexes have been rallying to new highs, but one of the most important companies in the market hasn't participated: .

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 simple moving average ( SMA ). 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 Bollinger Band , 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 earnings 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?


Agreed definitely waiting the earnings on the 01/02
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