Amazon.comShort
AMZN in No Mans Land
In last weeks chart I discussed 3 possible directions for AMZN.
Jerome Powell was very hawkish at Jackson Hole and the markets priced in a 75BP (risk off) hike in rates as opposed to the 50BP (risk on) that bulls were hoping for.
The result. New Level Lower.
Again, not a strong level to of support where AMZN now consolidates. If you read my previous weekly update on amazon you will see that this support is smack dab in no mans land.
Again, I need to recognize that the only 2 days in this price range and both days have sold.
That doesn’t mean Amazon can’t consolidate here for a couple days of sideways chop either.
The end of the month means hedge funds using SPX monthly options will reset their hedges in 2 days.
With a higher degree of confidence this level will change soon, I ponder 2 choices.
1. A drift higher into the long weekend.
2. Some selling down to 4005 SPX.
My bias is leaning down. I don’t like this area for support (NO MANS LAND on Daily).
I can see a bear flag forming as AMZN consolidates and Risk off message from Jerome Powell resinates through institutional.
Not Financial Advice. Just hanging around until the 13th.
Jerome Powell was very hawkish at Jackson Hole and the markets priced in a 75BP (risk off) hike in rates as opposed to the 50BP (risk on) that bulls were hoping for.
The result. New Level Lower.
Again, not a strong level to of support where AMZN now consolidates. If you read my previous weekly update on amazon you will see that this support is smack dab in no mans land.
Again, I need to recognize that the only 2 days in this price range and both days have sold.
That doesn’t mean Amazon can’t consolidate here for a couple days of sideways chop either.
The end of the month means hedge funds using SPX monthly options will reset their hedges in 2 days.
With a higher degree of confidence this level will change soon, I ponder 2 choices.
1. A drift higher into the long weekend.
2. Some selling down to 4005 SPX.
My bias is leaning down. I don’t like this area for support (NO MANS LAND on Daily).
I can see a bear flag forming as AMZN consolidates and Risk off message from Jerome Powell resinates through institutional.
Not Financial Advice. Just hanging around until the 13th.
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