The Long Investor

$AMZN TOP 20

Added 2024-07-27 19:52:18 +0000 UTC

$AMZN is in the $QQQ weakness camp and not the $SPY resilience camp right now.

We can see clearly on this chart that $AMZN tested its 50 Day MA from below and the $188 level and rejected, it then made a lower low which is why we took 20% off our position this week......even $AMZN, a stock I admire, I keep to what the chart is showing and my strategy.

There is nothing stopping $AMZN testing its 50 Day MA from below again as I suspect the $QQQ will still test its own shortly.

$AMZN also has its earning report out on Thursday with $AAPL, so this is going to be a big day.

A second rejection of the 50 Day MA and I will sell another 20%.....reclaiming the 50 Day MA and we start again and consider adding back the 20% which we sold, I need to manage my risk here and will have no issue keeping to my strategy.

Losing the red line and the 200 Day MA is tested next, losing this level and the ABC correction is confirmed for me.