Amazon.Com Inc. - (AMZN) - June 2, 2023 (Daily Stock Report)

by (AMZN) spent 2 ½ years stuck in the red zone of the SIA S&P 500 Index Report but its relative strength has increased dramatically this year. Starting at the bottom of the red zone in January, AMZN has steadily marched back up the rankings and yesterday it returned to the Green Favored Zone for the first time since October of 2020. Yesterday AMZN finished in 119th place, up 8 spots on the day and up 174 positions in the last month.

Accumulation in (AMZN) shares, which started back in January, continues to accelerate. The pace of higher lows has been steepening and the shares have now broken two previous downtrend lines to signal the start of a new uptrend, which has been confirmed by a Golden Cross of the 50 and 200-day moving averages.

AMZN has regained the $120.00 level for the first time since November and initial support has moved up toward $115.00. Previous peaks suggest next potential upside resistance tests may appear near $135.00 and $145.00 followed by the $150.00 round number.

Since finally bottoming out in January, (AMZN) has been under renewed accumulation, establishing a new uptrend of higher lows and completing a series of bullish patterns starting with a Double Top and Spread Double Top. Yesterday, AMZN snapped out of its long-term downtrend and completed a bullish Spread Triple Top pattern, confirming that a new recovery trend has commenced.

Based on previous column highs/lows and vertical/horizontal counts, potential upside resistance appears near $146.40, $152.35 and $158.45 on trend. Initial support appears near $113.15 based on a 3-box reversal.

With a perfect SMAX score of 10, AMZN is exhibiting strength across the asset classes.

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