AMZN, META and NFLX Forecast – US Stocks Fall in Premarket

AMZN Technical Analysis

Amazon looks like it’s going to open the day much lower in pre-market trading, but we’ll have to wait and see if that actually sticks, mainly due to the fact that Amazon, course, has nothing to do with the war that is possible between Israel and Iran. And I think basically you have a situation where the market just sold anything remotely close to risk related.

With that being the case, you have to look at this through the prism of a market that’s still very much in an uptrend, but you also have to recognize that the volatility is probably going to increase, not decrease. So, you have to be very cautious with your position size. And I do like the idea of buying dips here. And I think the $200 level could be a major floor.

META Technical Analysis

Meta looks like it’s going to open a little lower during the session, as well as the market continuing to fight overall, with the uptrend very much in control. But I also recognize that we have to realize that we are very close to the all-time highs. So, this extended run may need a little bit of a pullback in order to attract more fresh buying, but we will have to wait and see how that plays out. I think you have a situation where traders will continue to favor this stock, but finding a better price is never a wrong move.

NFLX Technical Analysis

Netflix is going to open up lower as well. And it now looks like Netflix is probably going to continue to pay close attention to the $1,170 level as major support. And of course, the recent all time high is at $1,260 as major resistance. The 50 day EMA is near the $1,130 level and rising. I think you have a situation where traders will continue to buy the dip here. And I think it’s probably only a matter of time before the market truly takes off to the upside, allowing an even higher leg. I think this remains a buy on the dip market.

For a look at all of today’s economic events, check out our economic calendar.