As many consumer discretionary names have made a solid push higher recently, the dominant chatter about the 800 pound gorilla in the room in AMZN, has been muffled somewhat. And that may be for good reason, as we take a look at the chart below. It is lower 7 of the last 10 weeks, and 4 of the last 5, and volume trends are a bit worrisome. AMZN is slightly underperforming, down .5%, while the consumer ETF is up almost 1% (the XLY is looking at yet another 3 week tight period depending on Fridays CLOSE, and it did just that the 3 weeks ending between 10/9-16 all CLOSING within just .54 of each other). The stocks 50 day SMA has been sloping lower for one month now, and as always one can paint their own bias either way. The bearish case has been stated, but the confident narrative would be it is digesting the enormous move higher during a 21 of 24 week winning streak the weeks ending between 3/20-8/28, that rose more than 1800 handles. I am not involved either way, and as always PRICE will be the final arbiter.