Not a Breakout

Yes, it was impressive. AAPL, FB, GOOGL and AMZN delivered big time. Yet, AMZN, the one that was best positioned to clean up, hasn’t yet broken above a key Fib level, let alone the top of the 20-year old channel which marked the July 13 reversal.

If it does, fine, bears should prepare for a long, long winter. But, until it does, this remains a dangerous moment for the recovery’s poster child.

While we’re at it, did anyone notice that after tagging yesterday’s downside target, futures bounced only to the .886 Fib?  Or, that SPX is poised to pop and drop at its own .886 Fib?

Again, not a breakout.

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