I can find a lot of charts where stocks have only made it a quarter or halfway back up from their April-May bottom. And these are stocks that should be leaders such as Facebook or Amazon. Some stocks like Netflix and Under Armour have made or gotten back to the former highs, but the volume on their bounce has been weak. And the type of big swings with no net progress we are now seeing on daily charts is typical of a market forming a longer term top. This makes sense since most of the market is complacent and greedy looking for this bull market to keep going.
Turning to Amazon this is a stock that is acting very weak. AMZN had two big gap down selling events this year on big volume. On this bounce back up AMZN is only marginally above the 200ema after two months of gains in the S&P 500. And Amazon was a former leader in this market. Amazon has also released two new products this year and the result has been the market has sold the stock aggressively. I don’t think this bodes well for Amazon or the technology space.