Amazon.com, Inc (NASDAQ:AMZN) was trading down over 1% on Tuesday morning after sliding over 3% on Monday, breaking bearishly down from a triangle pattern that Benzinga pointed out on Friday.

Better-than-expected services data raised released on Monday increased concerns that the Federal Reserve could raise interest rates for longer. The data came on the heels of a better-than-expected job and wage growth report for the month of November, which sparked fear the central bank could apply a fifth consecutive 0.075% rate hike later this month.

Earlier last week, during a Brookings Institution speech, Fed Chair Jerome Powell suggested the central bank may begin easing back on its interest rate hikes, which lifted the markets, but the new data may indicate the economy remains too hot for the Fed to shift its policy.

Amazon has been flashing warning signs that the bear market isn’t over, trading stubbornly lower despite the S&P 500 rebounding about 15% from its low. Monday’s bearish price action may confirm the stock market isn’t ready for a new bull cycle, or that further consolidation is needed prior to another run higher.

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The Amazon Chart: When the e-commerce and streaming giant broke down from a triangle pattern, the stock negated its short uptrend within the pattern by forming a lower low. In order for a downtrend to confirm, Amazon will need to bounce up to print a lower high under the $97 mark.

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