Amazon (AMZN) Hits Key Resistance Point

Amazon.com, Inc. (NASDAQ:AMZN) is nicely higher today. The stock is trading at $185.39, +2.45 (+1.34%). Amazon was upgraded last week by an analyst at Morgan Stanley. However, at the high of the day the stock nailed a master level of resistance known as a gap fill going back February 18th, 2011. Note the chart below. This gap fill stopped Amazon in its tracks. Based on this level, the short term prognosis for Amazon is now slightly negative as it may see a pull back.

The markets are floating higher today on light volume and a falling Dollar. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $133.67, +0.41 (+0.31%) while the PowerShares DB US Dollar Index Bullish (NYSE:UUP) started the day at $21.85 but has now falling to a current price of $21.75, -0.02 (-0.09%).

Chart provided by: RealTick LLC

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

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 InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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