Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 693.77

-0.2%

Jan 13 4:00 PM EST

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To: GROUND ZERO™ who wrote (118992)	1/16/2019 2:27:34 PM
From: Hank Scorpio	Read Replies (1) of 221727

I think AMZN as a company is fine for the foreseeable future, but ironically, I think their push into brick and mortar will prove to be a significant drain on their profitability in the future. The massive distribution centers, the company acquisitions, all lead to higher fixed costs. And the FEDS are still subsidizing their shipping. Regardless, that won't make a difference here and now. I follow RSI 5 and RSI 12 a lot. (years worth of backtesting) They have proven not to be as reliable for downturns but they are both overbought, the SPX is still in a rising wedge pattern, trying to push through the 50 day ema and still below the 200 day ema. There is also horizontal resistance at the 2600-2650 level that is the bottom of the W from before. That's a short set-up. I agree with you, however, that the market does look strong and it could break up and out. We'll just have to see.

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