Shares of Amazon.com (AMZN) continue to languish over 10% below its all-time highs as the stock market makes daily all-time highs. Obviously, this is not a good sign for Amazon. However, there is an even more negative signal. An epic trend line starting in February 2019 and connecting through pivot lows (holding the stock up) was broken below in September 2019.

Since that break, Amazon.com has made two retrace moves to that trend line, but has been unable to get back above. This speaks to a chart that still has a breakdown going on and investors should be extremely careful. In my estimation, the only reason Amazon has not flushed to its target of $1,345 is because the stock market is keeping it afloat.

The second the stock market stumbles, Amazon will collapse over 20% to the target. Note the chart below to see for yourself. It is a scary chart and should be traded on the short side unless price gets back above that line.