AMZN Coming Off Overbought Levels
Updated
AMZN is seeing some pressure here after hitting a new ATH yesterday. We're coming off overbought levels, and likely to see a retest of the recent range as early as today. We've seen strong support at the 200DMA (3,233), so a retest of this level is likely to result in a bounce back toward the upper band of the range. There's no question Amazon is overbought, and so with most risk assets at similar levels, the market is shaky at best, and the downside here is massive. Trade with caution, and manage your risk/reward...
Note
According to ZeroHedge, we're seeing a gamma squeeze here on AMZN to new ATH's, and it's moving the entire index higher. Sounds like the PPT knows exactly where to press...
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