Da Nile Is Not Just a River in Egypt:
That is an old saying from back in the day where one is made fun of if they are in denial. Well with an attempt here at humor the second-largest river in the world in the Amazon, perhaps bears better move aside when they see its MONTHLY chart below. It still has two more sessions to CLOSE above the 188.31 cup base pivot to make the breakout legitimate, and so far so good as the right side of the pattern has done so in a smooth gradual fashion. There are some caveats with April recording a spinning top candle which could indicate fatigue, and May with 2 days left is looking at a possible doji. Bulls would say it is resting, and the breakout is imminent and the bears will declare churning, with no PRICE appreciation, a warning. The WEEKLY chart sports some dubious candles as well with 2 bearish engulfing candles, and 2 hanging man’s as well. One can see just how important AMZN is to the XLY with a nice uptrend starting in 2023. The ratio chart here says the smaller, more inclusive XRT is in control and the sector has a “risk on” flavor still, or it could be a function of weakness among the top heavy components in the XLY in TSLA, and other top ten holdings which are all well below their 200-day SMAs including MCD SBUX NKE and HD. Can AMZN inspire this group? It all starts with Fridays CLOSE and if it is above 188.31. Stay tuned.