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Amznsetup

AMZN ready to push back towards $1700 and beyondWhile the SPY is fighting $280 resistance, AMZN has been making higher lows inside its major down channel. A break towards 1672 then 1723 (5% move from the closing price of today and the 200 day sma) looks to be in the cards as long as the overall market can break through 2800 on ES and hold. I also like that the daily has closed well above the daily 9 day exponential moving average. A bigger move in the market place is definitely in the cards in the next 2-3 days with the USA-China trade agreement extended deadline from this Friday, March 1. Also Trump meeting with North Korea's leader, Kim Jong Un, to discuss denuclearization. A USA-China trade deal, or even a peace agreement with North Korea could launch this market much higher. Purchased April $1640 calls with a $10 stop based on the weekly and daily price action. Risking $1k (per contract) of house money to make $5k (per contract)+. Let's see what happens in the next few days :-). As always let price discovery be your guide.
NASDAQ:AMZNLong
by Price-Level-Trading