Chart of the Day - Friday, November 1, 2024

🏆 Today's Chart of the Day was shared by Walter Deemer (@WalterDeemer).
 

• Amazon ($AMZN) reacted positively to earnings last night, rising +6.4% today and +5.4% this week. It's the fourth-largest stock in the S&P 500 (behind $MSFT) and the largest in the Consumer Discretionary sector. 
   
• Walter points out that the stock had an erratic week. It gapped higher on Wednesday, lower on Thursday, and higher again on Friday. It basically canceled out a bearish island reversal with a bullish island reversal.
   
• The stock is whiskers from a record high. However, it's facing 'The Bezos Wall' at $200. Founder and former CEO Jeff Bezos plans to sell 25 million shares at a limit price of $200 by the end of 2025. $AMZN traded nearly 100 million shares today, and he already sold at least 8 million shares in July. 
   

The Takeaway: Amazon ($AMZN) canceled out a bearish pattern with a bullish pattern after a jumpy earnings week. Ironically, the stock probably would've closed at all-time highs today without overhead supply from Jeff Bezos.