Amazon's Sell signal finds new bite
Amazon drops 6.1% as its Sell signal bares its teeth again
Amazon's Sell signal finds new bite
Our view last week
Amazon shares closed the week up a modest 0.8%, but under the hood the picture is deteriorating: money flow keeps sliding further into selling, momentum is accelerating to the downside, and the price structure shows a distribution phase underway. Amazon's technical picture reads as a decline that, despite the apparent bounce, isn't losing its grip.
This week's summary
Amazon shares dropped 6.1% this week, with 96% of trading volume concentrated on the sell side: a sharp reversal from the rebound of the past few weeks. The price is boxed into a tight band, between support in the 231 area and resistance in the 232 area, while earnings on July 30 draw closer. Amazon's technical analysis points to a decline that, after a 14% rebound off late June's double bottom, is baring its teeth again.
IQS Phase
72
in tension
Signal Strength
49
decline starting to make lower lows
Sizing
REDUCED
Ranking
#37 / 141
US stocks
Trade P&L %
+5.66%
from signal to today
Rank position
ranks 37th among the 141 sell signals for US stocks in our ranking, with a signal strength of 49 out of 100.
Sector context
SectorConsumer Discretionary
Benchmark ETFXLY
Sector regimeweak phase
Performanceweekly -5.22% · monthly -4.92%
AMZN belongs to the consumer discretionary sector (reference ETF XLY). The sector is classified weak phase according to our weekly reading.
restricted Platinum content