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Is the year-end rally on? With that statement, I probably spooked it but if it is you know the mega caps are going to be pulling a lot of the weight. Below is the chart of AMZN which we were cautious of not too long ago in our 9/19 Consumer Note, but it is looking like it may have done its time in the penalty box. It will certainly be if it can break ABOVE the bear flag set up here as we know from FALSE moves come fast ones in the opposite direction as market participants need to unwind their incorrect positions. The 8% loss the week ending 9/22 still looms large, its worst WEEKLY decline in almost a year dating back to the week ending 11/4/22 that slumped 12%. I think this name can now gravitate back toward the 140 number and on the WEEKLY chart that is an influential area and could be interpreted as a bullish inverse head and shoulders pattern. A break above that area would carry a measured move to the very round 200 number.

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