Tech Proxy:
We all know the “creativity” of some of these major S&P sector ETFs with their stock selection. My favorite thus far is UBER being a transport name and a top 3 holding in the XLI (industrials) even though it is well known as a software play. Let’s be honest, nearly every company is a technology play, becoming one, or losing ground. Continuing with our theme of looking at the mega caps during this fortified earnings week, today we take a look at AMZN. This one trades a bit wide and loose but is right at an infection point honing in on the very round 200 number and is presently right at a cup with handle pivot. If it can get above there will have to deal with bull flag break DOWN and the doji candle from 7/9. Notice on the MONTHLY chart it is now back above the cup base trigger of 188.31 and that breakout carries a measured move to 295. That, if it occurs, could happen in late 2025 or sometime in 2026. That bullish hammer candle in August shook many weak shareholders out.