Telegram

After a Pause through 2019, Amazon Stock Begins New Up Leg

November 29, 2019
After a Pause through 2019, Amazon Stock Begins New Up Leg

The S&P 500 index extended its Q4 uptrend last week, following a short pullback and rally from first support at its 15-day moving average. After a 10% rally from the October lows a near-term pullback should not be a surprise. However, many clients are asking where trading support is and how deep a pullback could develop.

First trading support is between the 15-day moving average (3108), which serves as reasonable proxy for the S&P’s short-term trend, and the recent lows at 3090. Below those levels, which is a 1.5-2% decline, the next support can be found near the summer 2019 highs at 3025. This conveniently lines up with the widely followed rising 50-day moving average for an overall pullback of 4%.

You are trying to access FSI member-only content.
You need to have an active FSI Macro, or FSI Pro subcription in order to read this article.
If you are already a member at FSInsight, please Sign In here. If you don’t have a subscription to FSInsight yet, you can sign up below.

Choose one of our yearly plans to save nearly 20%

We accept crypto via BitPay for yearly subscriptions.
    • Macro
      FSI Macro
      from
      $
      199
      /mo
      billed anually
      Get access to all the macro research on FSInsight
      • Tom Lee's Live Market BLASTs
      • View from Tom Lee
      • Signal From Noise
      • Portfolio Strategy
      • Technical Analysis
      • Granny Shots – Stock Ideas
      • US Policy
      • Live Conference Calls with Q&A
      First Month Free!
    • Crypto
      FSI Digital Assets
      from
      $
      99
      /mo
      billed anually
      Get access to all the crypto research on FSInsight
      • Tom Lee's Live Crypto BLASTs
      • Tom's Take on Crypto
      • Crypto Weekly Newsletter
      • BitDigest Daily Newsletter
      • Crypto Technical Analysis
      • Benchmark Indices Review
      • Bitcoin Valuation & Misery Indexes
      • Live Conference Calls with Q&A
      First Month Free!
    • Macro + Crypto
      FSI Pro
      from
      $
      249
      /mo
      billed anually
      Get access to all the exclusive research on FSInsight
      • Looking at code?
      • I am hidden!
      • FSI Macro
      • +
      • FSI Digital Assets
      • Designed by
      • HANGAR115
      • -
      First Month Free!
Disclosures (show)

Don't Miss Out
First Month Free

first 500 users only