As the markets are hovering slightly higher on the day, Amazon.com, Inc. (NASDAQ:AMZN) is getting hit sharply. The stock is trading at $160.75, -4.93 (-2.98%). This stock has been a leader and it is rare to see it dropping with the Nasdaq is higher. Other leading tech stocks are also lower including Google Inc. (NASDAQ:GOOG) and Baidu.com, Inc. (ADR) (NASDAQ:BIDU).
The drop on Amazon.com today is important for one main reason. Â With todays drop, Amazon.com has broken the 20 moving average on the daily chart. Â This is significant and possibly bearish not only for the stock but for the overall market as well. Assuming a close below and confirmation, major support on AMZN does not show up until $152.00.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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