Amazon.com Inc. (NASDAQ: AMZN) closed just above $173 on Tuesday with a 3.5% gain, its best showing in several sessions. But the bigger picture still looks murky. Shares remain down 30% from February’s all-time high and have badly lagged the broader S&P 500 during the market’s recent rebound.
Moreover, while the stock has managed to stay above its Apr. 7 low, it hasn’t attracted enthusiastic buyers. The trading range has narrowed, the bid has weakened, and price action suggests a standoff between bulls trying to stage a bounce and bears unwilling to let it rip. With earnings due next week, something will give, and that catalyst may be right around the corner.
