A quick note on Amazon. On the four-hour chart, I see three things of note: a bearish rising wedge formed and looks to have broken. We need to see if this will retest the structure, recapture it, or fail from it early next week. Also, I see bearish divergences on both the RSI and MACD oscillators, with both reaching lower highs as the price of Amazon's stock reached higher highs.
This is important because of the huge weight these mega-cap companies have on both the NASDAQ and S&P 500. If it begins to sell off, it could weigh heavily on the major indices.
This is important because of the huge weight these mega-cap companies have on both the NASDAQ and S&P 500. If it begins to sell off, it could weigh heavily on the major indices.