Technical Analysis

US stocks shake off the Amazon plunge. S&P 500 up 0.6%

The price action in equities is impressive as stocks shake off a 10% decline in Amazon. The S&P 500 is up 0.6% and the Nasdaq is slightly higher.

Helping out is 3% rally in Apple after posting decent results. Intel is up 7.4% on earnings in a reversal of chipmaker fortunes after months of selling.

Bonds should be a headwind for stocks as yields move up but the stock market has also been able to shrug that off, at least so far.

Seasonally, the next few days are the strong ones of the year on the calendar so that might help to explain the strength.

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