Amazon.com, Inc. (NASDAQ:AMZN) Drops Hard: Signals Top

AMZN is taking it on the chin today. The stock is trading at $311.20, -7.84 (-2.46%). This is the first day in the last month that the stock is showing relative weakness, compared to the stock market. This is a significant turn and one that should be monitored. Based on the wide range bar on good volume today, and its weaker showing, I expect the Amazon.com to head down to the $300 level. This level has support alongside the 50 moving average. If that level is taken out, downside support is at $278.00.

Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com