Amazon Technical Analysis
Amazon looks like it is trying to stay positive in pre-market trading on Wednesday as we are hanging around just below the crucial $250 level. Short-term pullbacks I think are buying opportunities in this environment with the $240 level underneath being a potential floor. We are overdone though and that is my biggest concern quite frankly.
It isn’t necessarily that I want to short Amazon, I just think we need a couple of red days to get involved here. Chasing this type of move is a wonderful way to lose money.
Apple Technical Analysis
The market for Apple remains very choppy and sideways. It doesn’t look poor; it just doesn’t look like it has much in the way of momentum. The $255 level underneath should offer support. The $265 level above offers a bit of resistance. We are hanging around the 50-day EMA which of course will attract a lot of attention. As we continue to go back and forth, I think we have a situation where we’re probably buying dips if we’re short-term traders and just leaving it at that.
Netflix Technical Analysis
Netflix looks like it does still have some momentum behind it. We had a nice day on Tuesday. We do have earnings coming out on Thursday, meaning tomorrow, at the end of the session, so that will have a major influence as well. I think ultimately though, the $100 level is an area where I might be interested in buying Netflix.
We’ll just have to see how things go. I do believe that Netflix could very well reach all the way to $120 in this next impulsive move. It had been sold off so drastically due to merger talks, but that’s in the rearview mirror right now and it certainly looks like the buyers are in control.
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