Tuesday, November 3, 2020 4:10 PM EDT
Shares of Amazon.com (AMZN) are getting a small bounce today as the market soars on election day. With the S&P +1.7%, Amazon.com is only up 1.48%. This signals the stock is weaker than the market. Usually, Amazon.com leads the market. This tells technical investors to be wary of downside in the coming days. The Amazon.com technical chart has seen price bounce off key support over the last two days. That is arguably why it has held here and is not in freefall. Having said that, any technical price break below $2,980 (daily closing price) will yield a significant drop to the daily 200 moving average at $2,635. That is a 10% drop if the Amazon.com technical chart breaks below $2,980. Investors should be wary as the stock has underperformed lately. In addition, regulation is coming for big tech from both sides of the aisle. Based on the chart, Amazon.com is safe from a 10% decline unless that level is broken. Watch it like a hawk.
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It broke 2980 yesterday.