April 27, 2024

Amazon (AMZN) is reporting Q1 2024, on Tuesday April 30, 2024, the technical evidence points towards the likelihood of Amazon’s share price maintaining its current trajectory, supported by a solid performance relative to key moving averages. However, the caution indicated by the MACD and the broader market’s wait-and-see stance necessitates vigilance from investors as we enter the last stretch of April. The stock closed at 179.62 on Friday April 27 and is up 18.22% YTD.

1. Trend: The stock is in an uptrend, evidenced by the price making higher highs and higher lows above the 50-day (blue line) and 200-day (red line) moving averages.
2. Moving Averages: The 50-day MA is above the 200-day MA, which is generally considered a bullish signal. The stock price is above both, confirming the uptrend.
3. Volume: There was a significant increase in volume around the start of 2024, which may have corresponded with a noteworthy event or earnings report.
4. RSI (Relative Strength Index): The RSI is around 50, which is neutral. It is not indicating an overbought or oversold condition.
5. MACD (Moving Average Convergence Divergence): The MACD line (blue) is below the signal line (orange) and below zero, suggesting that momentum may be turning bearish in the short term.
6. Price Action: The latest candlestick on the chart shows a positive day with the price closing higher than it opened, which could be a positive sign.

The S&P 500, a barometer for the overall market health, shows resilience as it hovers around pivotal support levels. Similarly, the tech-heavy NASDAQ, despite facing valuation pressures, is far from waving a white flag.