What is going on with Amazon AMZN stock these days? Better yet, what’s going on with FAANG in general?
There’s a saying on Wall Street that goes something like, “Corrections occur through time or they occur through price.” Correcting through time — like we have with AMZN — means the stock trades in a relatively sideways manner and consolidates. Correcting through price implies a pullback in the stock.
Technology stocks and in particular, FAANG stocks, surged into the end of August and topped out in early September. Since then and despite new highs in all of the major indices, this group has struggled for upside momentum.
Is it time to buy high-growth tech stocks? If the tech group starts to come back to life, it’s likely that Amazon will rally too.
Here’s what we need to see.
Trading AMZN Stock

Because of the sideways nature of its consolidation, AMZN stock has a sloppy daily chart. To an extent, even the weekly chart is messy. However, for you longer term swing traders, the monthly looks pretty tasty.
In March we had our first test of the 10-month moving average in almost a year. With the strong selling pressure in tech early in the month, AMZN stock initially broke below this measure. However, by the end of the month, the stock hammered off this key mark, with a potential monthly-up rotation looming as we start April.
Keep an eye on the $3,182 level, the March high. That’s about $90 a share or ~3% above Wednesday’s close.
April tends to be a very bullish month, something the vets have been hammering on over the last few days in the Pro Chat Room. That’s the same chat room that has the Market Imbalance Meter (MIM), which pointed to some end-of-quarter profiting taking on Wednesday.
Now let’s see what a new month and a new quarter has in store for us, particularly with earnings set to start in a few weeks. And keep an eye on that $3,182 rotation point. A close above that measure could put $3,350 in play, then a potential push toward the highs.