Alert: Amazon Hits Key Resistance Point

Amazon.com, Inc. AMZN is nicely higher today. The stock is trading at $185.39, +2.45 (+1.34%). Amazon was upgraded last week by an analyst at Morgan Stanley. However, at the high of the day the stock nailed a master level of resistance known as a gap fill going back February 18th, 2011. Note the chart below. This gap fill stopped Amazon in its tracks. Based on this level, the short term prognosis for Amazon is now slightly negative as it may see a pull back. The markets are floating higher today on light volume and a falling Dollar. The SPDR S&P 500 ETF SPY is trading at $133.67, +0.41 (+0.31%) while the PowerShares DB US Dollar Index Bullish UUP started the day at $21.85 but has now falling to a current price of $21.75, -0.02 (-0.09%). Gareth Soloway InTheMoneyStocks.com