Amazon

  • AMZN

  • $224.90

  • +0.72%

  • $219.84

  • $226.21

  • $218.73

Upticks
Granny Shots

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Live Technical Stock Analysis
Thu, December 5, 2024 | 4:00PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy

LIVE Technical Stock Analysis December 2024

Mark will be conducting a live Webinar session for the most popular stocks requested by our subscribers. Mark will give his quick take (45 sec-1-minute...

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Fri, November 22, 2024 | 2:44PM ET

⚡ FlashInsights

Fri, November 22, 2024 | 2:44PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
While the bounce into next week remains intact at this point, SPX and QQQ have shown decisive lagging regarding to the Equal-weighted SPX. When eyeing the top 5 stocks in SPX by market cap- NVDA at 3.48T down to GOOGL at 2.03T, each is down at least 3% off all-time highs and in some cases, GOOGL is down 13% from all-time highs. One can see clearly that some interesting sector rotation is happening. Yet, charts of the Roundhill Magnificent 7 ETF (MAGS) show this to be in very good shape, thanks to TSLA which went from laggard to leader recently within the Magnificent 7. Thus, the breadth deterioration having been discussed regarding the US Stock market certainly is not limited to lagging sectors like Staples and Healthcare, but also affecting US Tech "former leaders" like MSFT -0.33% , GOOGL 1.61% , down 11 and 13% respectively from All-time highs("ATH"), NVDA now down 4% from ATH, AMZN 0.72%  down 8% from ATH, and even META is lower by 6%. Important as the top stock by market cap that NVDA not undercut 137, as this would have the power to cause a correction in SPX and QQQ. Chart of MAGS is shown below
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First Word
Fri, November 1, 2024 | 7:45AM ET
Tomlee
Tom Lee, CFA AC

Head of Research

"Iffy" October behind us. But election uncertainty likely weighs on much of November.

VIDEO: It is clear that the winner of the 2024 Presidential election will not be decided on 11/5 evening, but could be a drawn out...

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Thu, October 31, 2024 | 12:01PM ET

⚡ FlashInsights

Thu, October 31, 2024 | 12:01PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
^SPX 0.70%  has shown more damage and has undercut last week's lows. However, here also, price has not shown sufficient deterioration yet to think that the index has peaked out. There very well could be a relief rally into US Election given AAPL 2.02%  AMZN 0.72%  META -1.48%  earnings on deck which provide a bounce, but one that ultimately proves short-lived around mid-November. Ideally from an Elliott-wave perspective, SPX could make a minor new high into November and then began a decline into late November, technically. For now, as this chart shows, there looks to be ample technical support, making this morning's decline a probable good risk/reward for traders to bottom today or tomorrow for a push back higher, which might be led by large-cap Technology
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