Since the beginning of November, $AMZN has been in a “Go” trend.
The “Go” trend had been supported not just by the upward sloping trend line but by GoNoGo Oscillator finding support at the zero line each time it fell to test it. This is to be expected when a trend is strong. Now, however, GoNoGo Oscillator has failed to find support at that level and as fallen into negative territory. GoNoGo Trend is still painting weaker aqua bars and price has fallen through what should have been support at the upward sloping trend line we previously mentioned. We noted in our weekly “Flight Path” report that technology has started to relatively underperform the index as a whole. Amazon exhibiting negative momentum like this which is out of line with the “Go” trend is a cause for concern.
