The short term positive divergences in AMZN, which is a core short position that is at a profit and needs to still be filled out, are not strong at all; this is one that is crafting the market.
Right now AMZN is fighting to break through first resistance at yesterday's close.
I'm hoping AMZN can make it higher even though I have no calls, but it will give an even better add-to entry.
For those with no exposure to AMZN short, if you like the position, I think haggling over a few dollars here and there is really kind of silly when looking at the big picture. I'd have no problem at least opening a partial position here and if AMZN moves a bit higher today or maybe tomorrow, then I'd fill out the rest.
The bigger picture...
3-day chart-incredible accumulation in AMZN at the lows, note how flat the price range is or rather I should say, "Stable" which is what they want when filling an order, not higher prices. This is huge accumulation in 2005-2009, we see distribution starting around late 2011 and leading negative at 2013.
I was hoping to add to AMZN at least above one of these resistance areas, I think the red trendline will be lucky, the yellow would be a gift.
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