Amazon.com, Inc. (NASDAQ:AMZN) gapped down about 1% to start Friday’s trading session and after some slight volatility in the morning, the stock settled to trade flat just under the $95 level.

Read about Amazon's downsizing plans here

Despite the S&P 500 trading higher in an uptrend since Oct. 13, Amazon, which makes up 3.7% of the ETF, has failed to significantly rebound.

A bearish reaction to the e-commerce and streaming giant’s Oct. 27 third-quarter earnings print caused Amazon to plunge to a new 31-month low of $85.87. Although the stock has rebounded slightly from that level, the psychologically important $100 level has acted as strong resistance, holding Amazon back from making any big move north.

Amazon has also been trading on declining volume since its last earnings print, which indicates the stock is running out of both buyers and sellers as it consolidates. Declining volume often precedes a large increase in trading volume, which helps break a security up or down from its current pattern.

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The Amazon Chart: Amazon’s sideways consolidation is taking place within a triangle pattern, where the stock has been making a series of lower highs and higher lows. Amazon is set to reach the apex of the triangle on Dec. 9 and if the pattern is recognized, traders can watch for the stock to break up or down from the triangle on higher-than-average volume.

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