Amazon - Greed, Just Like Speed, KillsFirst, I understand that Amazon had an excellent earnings report, whether analyst estimates were gamed to the downside and it was easy to beat notwithstanding.
What you have to be really careful of right now is the excess greed that abounds in the markets. Greed is the thing that kills accounts the fastest, and when you blow your account, there won't be any use for TradingView anymore, and nobody will be able to have fun until you can save up to reload.
I am not saying any kind of bearish commentary on Amazon, although you should have reservations on this company because a lot of its business model is just to serve as an export faucet for stuff made in the Chinese Communist Party's land.
And you have to be careful with anyone whose business is tightly knit to communist China, because the International Rules Based Order is chattering disaster about "de-risking" from China.
Because the narrative about "Taiwan Invasion" really means that the CCP is close to falling and everyone is thinking about how to take control of that country.
But to take control of China, you need someone Chinese, which means you need a handpicked appointment from the Republic of China who will serve the globalists.
All this, and the 24th year of persecution against Falun Dafa by the CCP's Jiang Zemin faction just completed on July 20. In 1999, Jiang began a full genocide and organ harvesting campaign against 100 million spiritual believers, and it's persisted to this day despite Xi Jinping never participating.
In fact, Xi's Anti-corruption Campaign has been hitting the corrupt officials involved in the persecution ever since he took power in 2012.
Consider that the next time you see the media going off about what a Mao Zedong Xi Jinping is.
Amazon's monthly provides some clarity. The most notable thing is that the 2021-2022 distribution bars during the rest of the market's bull run indicates a proper and clear topping pattern.
And despite that, price never took out the most critical of lows, the COVID pivot at $81.30.
Instead, it spared it by 13 cents. Because numerology.
What it means is that long term, $80 becomes a target.
What's notable about price action before today's earnings report pump is that Amazon maintained the July low, albeit barely.
And this creates three weekly lows of equal "support."
Which also becomes a target.
Bear in mind, with Nonfarm Payrolls also being tomorrow morning, you may get yourself a trade setup that looks something like what happened to AMD on Wednesday:
AMD - Greed Doth Bad Habits Breed
When its ER came in hot in premarket and at open, and turned into a huge sell off and red day:
So the point with this call is to say that the August '22 $146 pivot may really hold. And if it doesn't hold, it might just get raided.
Which makes buying the top tomorrow morning something that isn't a particularly intelligent thing to do.
Worse, it means that buying the dip may be trading in the wrong direction, while selling the dump's retrace might actually be an optimal short entry.
Just keep in mind that we may have as much as another 2-3% of downside left in the SPX before we retrade towards/take out the tops:
SPX - The Sound of a Shattering Iceberg
If the markets really get blown to pieces heading into the end of Q3 in accordance with the JP Morgan collar, stuff like Amazon is going to head to a 5-handle by next year.
SPX/ES - An Analysis Of The 'JPM Collar'
You'll know the truth, in my opinion, when Amazon breaks the $125 flat bottoms, price won't come back, just like what happened with Netflix:
Netflix - I Hope You Like Catching Knives
What I really want to tell you all is that life still seems stable, it seems like all there is to worry about is making money and entertainment. But our world may very well change overnight, with no warning at all.
And what we've all done while the cards were still face down will be what determines who wins the pot and who loses their stack.
