AMZN ($277.57): AMZN outperformed its tech counterparts Wednesday, doubling QQQ’s gain on the day as it rallied 2%. This rally is coming after a 4 day losing streak, the 2 previous 4 day losing streaks seen in March and February preceded a move up to 30 day highs. From a velocity perspective, AMZN has made up 3 days worth of losses in the last 2 days, which I interpret as a positive from the momentum side of things. I’d like to see AMZN now avoid going back below $275. If that can happen, I believe the chances are high that AMZN moves above $280 and tests its all time high just below $285. Above $285 and AMZN could be a tech name that gains strength where others like GOOG & AAPL are seeing weakness.
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