The QQQQ was the only major indice to post a week engulfing the previous week an thus possibly setting the tone for a bounce of the overall market. However it is a concern that the open and close are centered in the week suggesting major indecision. The bottoming process continues...
AMZN backfilled the gap up of early 2007 found support and bounced higher. Looking at a 5 yr weekly and then at a shorter term daily chart a long trade could be placed using last weeks close as a tight stop and the recent low as a loose stop.
Bottom line here is AMZN will test the falling 20 day EMA again and if it breaks to the upside........
AMZN backfilled the gap up of early 2007 found support and bounced higher. Looking at a 5 yr weekly and then at a shorter term daily chart a long trade could be placed using last weeks close as a tight stop and the recent low as a loose stop.
Bottom line here is AMZN will test the falling 20 day EMA again and if it breaks to the upside........
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