Summary

• Amazon leads the Magnificent 7 with solid gains, and its medium-term uptrend remains intact above the key $231 support, supported by bullish moving average crossovers and sustained relative strength versus the S&P 500 ETF.
• Markets are watching AWS growth, advertising strength, and whether heavy capex (~$200B) can translate into profit growth without eroding free cash flow.
• While no clear exhaustion signals are present despite overbought conditions, a break below $231 could trigger a deeper correction, whereas a move above $275 opens the path toward higher resistance levels.

By Kelvin Wong

Key takeaways

• Strong outperformance with bullish trend intact: Amazon (AMZN) leads the “Magnificent 7” with solid gains, and its medium-term uptrend remains intact above the key $231 support, supported by bullish moving average crossovers

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