AMZN Charts

The covered position was at a +5.71% gain.

The charts...

 On the daily chart, I've wanted to see AMZN move at least above the $282 area and even better the >$284 area before considering filling out the position.

The volume on today's move qualifies for either a break away gap or a short term capitulation move, I've seen VERY few breakaway gaps over the last 4 years.

Here's the intraday 1 min chart with a leading positive divergence and also a rounding bottom, as you know I believe reversals are a process, not an event (except with fundamentals like earnings), however AMZN's fall today qualifies for a parabolic move and they often reverse in parabolic fashion so the rounding bottom would not need to be very big, in fact for a parabolic recovery, I'd say the bottom would be more than half done already.

A head fake move that dips below the red trendline on volume and then recovers back above, would be a strong indication of an imminent reversal to the upside.

The intraday chart's rounding bottom

Note the volume as well.

2 min leading positive divergence

 Look at the leading positive position of the 2 min chart, this is a fast chart and could easily have confirmed price lows by moving to a similar low, but it hasn't, this is very suspicious.

In other words, it looks like there's more strength in AMZN on today's move than you'd think by looking at price alone.

3 min leading positive

Even the 5 min chart is in leading position and yes, this chart, by this time of day could have easily confirmed the price lows by making a similar low, but it's no where near the level. I suspect the price movement today is retail panic helped along by Wall St., I do not think it is Wall St. panicking, in fact they seem to be doing quite the opposite.

Even this 10 min chart by now would or could have confirmed weakness in the move, but refuses to do so.

Also note on this chart that has called every reversal up and down with divergences, there was NO DISTRIBUTION IN TO YESTERDAY'S HIGHS. Why would that be? Well if you were accumulating a position and could grab more shares at a -7% discount, why would you sell shares you have been accumulating?

Something more than meets the eye seems to be going on in AMZN