AMZN is still in a bearish trend with the longer day MA higher than the shorter MA seen here using Tradingview's default MA Exp Ribbon template. Using a pitchfork for the downtrend here is holding true and the retracement levels from Dec 18 (low) to Jul 19 (high) is showing confluence with historical support levels. I would like to see Amazon sell off to 1600 or lower.
Latest Earnings was a miss due to increase opex for one-day prime shipping; guidance was also hinting at this opex increase for Q4. Also just lost a the JEDI US government contract to MSFT.
Trade closed: stop reached
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above the pitchfork helped out with beta movement from overall market surge breaking to all time highs.
It's grinding hire with the overall market and broke out of the pitchfork channel. I don't see much of a high probability technical setup at the moment. But there is an under lying trend line that it can't seem to break above.