Absolutely. I’ll make a point to update AMZN before they report tomorrow after the market close but in a nutshell, it parked at the close right on a backtest of that nearly 2-yr trading range which it recently broke below. Based on that, the odds favor a rejection here (or on a backtest of the uptrend line just above) with another leg down in the coming weeks to months. Of course, we should have a better idea on Friday or by early next week once the market has had time to digest what they report tomorrow night.

Although a short into the price resistance + Fib retracement levels this morning was a better entry (not including the obvious “in hindsight” observation), yes, based on the fact that we’ve now had an impulsive rejection off those level AND will likely gap down tomorrow (which traps longs & keeps short interest from increasing too fast), I think you can initiate or add to some index shorts tonight (sorry, I was out earlier & just getting home after eating out).

As far as the FAAMGs go, we still have AMZN reporting tomorrow AMC so once that’s out of the way (probably by early next week, maybe sooner) we might get some more clues as to which way the market wants to go from here. Best of luck on your trades.