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AMZN Technical Analysis
Amazon also looks like it’s going to gap a little bit higher, although not in as much of a drastic manner. Amazon does look like it’s trying to form some type of bottoming pattern here, but it’s also worth noting that it has a major potential resistance barrier near the 200-day EMA, which is also at the $200 level. The 50-day EMA is starting to drop towards it, giving off the so-called death cross, but I typically find that as a very late signal. If we can break above all of that, then the trend will change, but right now I think we’re just looking at a short-term bounce.
GOOGL Technical Analysis
And finally, Google or Alphabet, looks like it’s going to gap higher as well, with a potential target near the $167 level. Nonetheless, this is a market that I think is still negative and will be for quite some time. So, best case scenario, we get a little bit of a bounce and then we start to go sideways in order to try to form some type of bottoming pattern. We’ll have to wait and see, but really at this point in time, I think you have a situation where the market is just simply reflecting the latest headline coming out of the White House.
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