AMZN found support at $252 level and ran up and closed at $266.50 which is its 50-day moving average.
It is sitting pretty at this level and looks like it is planning to take another leg up towards $275 level.
I will watch AMZN next few days for entry via Calls. Chart shown below:
AMZN had nice run up and then topped out at 233 level. Since then it has been drifting lower. The final straw (support) is at $210. On March 27th, 2012 it had failed from this level and came down to $184 and then rose upward. If it breaks $210 then could easily fall to $201 and possibly to $197 from where it gapped up. Chart shown on the left:
The markets have not changed since I posted few days back. Dow Jones future (YM) having hard time maintaining 12,500 level. It seems it has found resistance at 12,580 level and the break of 12,340 could bring it down to 12,185. I expect one big down day to bring Dow Jones to 11,869-11,880 level. This is where I expect Dow Jones to find some support. Dow Jones resistance above is at 12,735-12,740 level.
S&P Future (ES) failing miserably at 1328-1330 level. It is unable to penetrate. So this is telling me that eventually S&P would come down. The support is at 1297 and 1280. 1280 should not be broken otherwise S&P could come down fast towards 1265-1268 and possibly all the way to 1245. S&P resistance above is at 1340-1345 level.
NASDAQ 100 is unable to conquer 2560 level. Watching NASDAQ 100 future for last five sessions telling me that NASDAQ 100 does not have strength. The support it has found is at 2500 and the break of 2460 (the recent low) would bring it down to 2420 level and once 2420 level broken then we could see 100 point drop. All big names are going down AAPL GOOG PCLN AMZN. AMZN had good run up and I believe it is about to give in and come down tumbling to fill the gap. QQQ closed at 62.07. It can drop 6 points. DIA closed at 124.26. It can drop $5.5 points. NASDAQ 100 resistance above is at 2580-2600 level.