Can the ecommerce king continue its stratospheric rise? It has a clear support line from 2016, and at the moment the thing to be worried about is its overbought weekly RSI, which in its recent history, its price has been sideways for the overbought period. It has just cleared its 161.8% fib extension from 2015 lows, so some consolidation can be expected soon. Unless it breaks that support line, this “FANG” still has bite left.
Will Amazon get dragged by the falling Apple? It hasn’t consolidated as much as Apple & a bearish trend isn’t as clear cut. It should rally from here & test close to 246 again, but if it fails to break through, that may signal a short term triple top.
If a larger crash occurs later, I’m a buyer about 200, near its 50WMA. A trigger like a poor fiscal cliff fix may push it lower to its 200WMA at about 170-180, but that will only unfold probably early next year. Santa Clause rallies are expected as usual around Xmas.