Amazon (AMZN) Rocks Into Gap Fill

Even in a weak market,, Inc. (NASDAQ:AMZN) is higher. However, it is hitting a master level known as gap fill. This gap fill is extremely significant because it is the level Amazon was trading at prior to releasing ugly earnings. On January 27th, 2011, Amazon closed the trading day at $184.45. After the close, they reported earnings that disappointed Wall Street and analysts across the board. The next day, AMZN hit a low of $166.90. Since then, the stock has rebounded day after day. Today, it achieved its former price, prior to earnings. This is a major resistance area and should be watched. It would not be shocking to see a solid drop off of this level. Should this level be eclipsed, the next pivot resistance point would be the all time high of $191.60.

The markets are currently lower on the day, dropping on the back of a spike in the U.S. Dollar. A nice bear flag has formed on the SPDR S&P 500 ETF (NYSE:SPY) on an intra day basis. If volume holds up, this could signal a move lower this afternoon.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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