AMZN Amazon SPRING + DARK POOL TRADES = HAPPY NEW YEAR: GAP UP!!
AMZN technicals pointing to more strength. Expect big GAP UP before opening on Jan 2nd!
- Dark Pool Trades have been pouring into AMZN - roughly 33B in last 2 weeks.
Long term uptrend channel former resistance now offering strong support.
Three day downtrend was broken today during consolidation & shows bullish pennant forming.
Downtrend/Pullback from $1900 was caused by end of year writeoff selling for tax purposes - expect those positions to reenter and bandwagon buying from other underperforming retail stocks.
Amzn had record breaking christmas sales - best sales ever reported. Same day and one day also Quadrupled YoY vs quarter 4 of last year.
Short of Entire Market having big time pullback, expect AMZN to continue strong upward move through earnings .
Be prepared to sell earnings . It's no secret that earnings on AMZN will be off the chain - sell the news likely generates our next pullback, but stock will probably be 100-200 points higher if it follows other earnings releases (stock runs up sharply prior to earnings )
New Years BUMP (for all stocks) has historically occurred during first week in January. That will push AMZN even HIGHER than it's momentum...expect $1900 in short order.
NOTE: Watch the SPRING! For more info on institutional spring which may or may not happen since today is a holiday for many, google the Wyckoff Spring.
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