Amazon (AMZN) hit a new all-time high in intraday trade in the stock market today, as dismal reports from retailers over the past few weeks have reinforced views that the e-commerce giant is becoming more and more formidable.
Amazon said Tuesday its award-winning original series "Transparent" will continue for a fourth season, and announced a slate of original shows for its Prime Video service in Japan as it looks to compete with Netflix (NFLX) there.
Aside from its perceived strength in the retail and video markets, Amazon is seeing success with its cloud computing platform. Last week, Global Equities Research issued a bullish report on Amazon's cloud segment, Amazon Web Services, saying it and Microsoft (MSFT) are dominating smaller rivals.
Amazon Reaches Profit Zone
Amazon has solid fundamentals, and its stock has been on a huge run. But from a technical standpoint, it's nearly time to sell.
Shares ended the day up 1.5% to 722.79 in below-average volume Tuesday, hitting a new all-time high of 724.23 in intraday trade.
The stock is just below profit-taking zone, meaning it's nearly 20% extended past the cup-with-handle buy point of 603.34 it initially cleared in April. With this big run, you may soon need to take at least partial profits, if you didn't already do so several weeks ago.
Tech Peers Test Psychological Levels
Elsewhere in the tech space, Apple (AAPL) dropped back below the 100 price level, losing 0.5% to 99.86. Last week, Apple logged solid gains but stopped short of its 50-day line.
Google owner Alphabet (GOOGL) ticked up 0.3% to 748.85 and is trying to find support at its 50-day line. Alphabet is trading 6% below a potential buy point.
And Netflix (NFLX) dipped 0.7% in light volume to 102.57. Last week Netflix reclaimed its 50-day line, and its next test is the 200-day line.
