A Prime Example

Headed into the closing bell, stocks are well off session lows, as the S&P 500 circles back up what has been a big battleground area at 1990. 

Amazon experienced intermittent website outages today, but that still did not galvanize bears enough to breach the 200-day moving average, the yellow line on the daily chart, below. On the other hand, AMZN is clearly not a leader leading us to new highs, as it remains pinned below its basic resistance trendline, highlighted in light blue. 

And so the churn drags on, rendering it likely correct to remain fairly light in terms of overnight holds. Sooner or later, if this rally since February is going to roll back over, the intraday bounces will be stuffed.

But, for now, Amazon is a prime example of what we are seeing.