Interesting Insight Into Today's Market Action
Stocks opened higher today. This was coming off of the solid Non Farm Payroll Report on Friday that saw the Dow Jones Industrial Average surge 200 points. As the markets moved higher again, I could not help but note the inability for the S&P 500 to take out the all time highs. The SPDR S&P 500 ETF Trust (NYSE: SPY) hit $181.67 while the all time high was just $0.08 higher at $181.75. The market tried three separate times to break through but each time sold off. As of now, the S&P is close to the lows of the day, still slightly positive.
Amazon.com, Inc. (NASDAQ: AMZN) has been lower all day, even with stocks like Google Inc (NASDAQ: GOOG) and Apple Inc. (NASDAQ: AAPL) solidly higher. This shows relative weakness. Last week, Amazon appeared to put in a major hyped-top when Jeff Bezos talked about drones delivering packages. On significant volume, the stock opened higher and sold off fast. Since then, the stock is having trouble catching any sort of bid, even when the market is higher. The daily chart is beginning to form a classic bear flag and should signal continued weakness.
These are two interesting things to watch in the market today. Both carry weight and should be monitored going forward.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.