After a powerful V-shaped move off the 11/16 lows, Amazon.com look ripe to try and make a higher low today. The idea is to let the shakeout occur, mindful of some specific levels. I would watch $248 and then $243 here to see if a higher low occurs soon. If those levels are lost, then a deeper pullback is likely in the cards. For now, though, AMZN has had a very impressive rally and is taking a much-needed pause.
Bears have been arguing that Apple is the true leader, while bulls point to Amazon. A higher low here is something the bulls need, in all likelihood.
__________________________
If you enjoy the content at iBankCoin, please follow us on Twitter