Shares of Amazon.com Inc. rallied 2.0% in afternoon trading Thursday, putting them on track to close above its 50-day moving average (DMA), which many chart watchers view as a short-term trend tracker, for the first time since April 19. The 50-DMA came in at $114.65 on Thursday according to FactSet, the lowest reading for the trend tracker since June 4, 2020. The ecommerce and cloud giant’s stock traded briefly above the 50-DMA on Wednesday intraday, but closed below it. While that’s an upbeat technical development for the short term, the 50-DMA and stock still remain well below the 200-day moving average, seen by many technicians as a dividing line between longer-term uptrends and downtrends, which currently extends to $150.45. Meanwhile, the S&P 500 remains below the 50-DMA of 3,978.11 and the 200-DMA of 4,381.82.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
