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Amazon.Com (AMZN) - June 23, 2023 (AMZN) has soared up the rankings of the SIA S&P 500 Index Report lately. Starting near the bottom of the red zone, where AMZN languished for over two years, the stock has rapidly clawed its way back up the table, recently returning to the Green Favored Zone for the first time since April of 2020. In the last month, has moved up 82 spots to 108th place, including a rise of 7 positions yesterday. Back in January, a year-long slide in (AMZN) shares was finally contained by support at the March 2020 low near $80.00. Since then, the shares have been recovering with a new uptrend of higher lows emerging and the 50 and 200-day moving averages completing a bullish Golden Cross. Accumulation has accelerated since May when AMZN broke out over $110.00, and more recently the shares have snapped out of their old downtrend and regained $125.00, confirming that a recovery trend has commenced.

Next potential resistance on trend appears between the August 2022 peak near $145.00 and the $150.00 round number, which also aligns with a measured move, followed by previous highs near $170.00. Initial support moves up toward $115.00 from $110.00.

A year-long downtrend in (AMZN) shares bottomed out in January. Over the winter and into the spring, AMZN built a base for recovery. In the last month, it has become clear that accumulation has accelerated and the shares have embarked on a new uptrend, completing bullish Double Top, Spread Double Top and Spread Triple Top breakouts, and snapping their previous downtrend resistance line.

Based on a combination of previous column highs and lows, vertical and horizontal counts and round numbers, upside resistance may appear in two zones, $146.40-$150.00 and then $158.50-$164.90. Initial support appears near $120.00 where a round number, recent breakout point and 3-box reversal converge.

With a perfect SMAX score of 10, AMZN is exhibiting strength across the asset classes.

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