By Victor Reklaitis, MarketWatch
While the stock market’s slump has stopped for now, we’re not exactly getting a rootin’-tootin’ rally.
Hantec’s Richard Perry sees “markets in summer mode, waiting for signals out of Jackson Hole and unwilling to take any major view,” referring to the Wyoming powwow for central bankers that starts Thursday.
It’s not all quiet though, as Amazon’s stock /zigman2/quotes/210331248/lastsale AMZN +0.58% just unraveled further, leaving the e-commerce juggernaut at a three-month closing low. And all sorts of traders see the recent slide continuing, combining to deliver our call of the day .
Chart lovers say Jeff Bezos’s baby has etched a head and shoulders , a pattern that they believe presages more pain:
Or the chart might even show a “wicked witch hat top” that signals a tumble to $825, says trader and writer Jeff Macke, half jokingly:
Looking at fundamentals in the retail sector, Seeking Alpha scribe DoctoRx says more investors could sour on Amazon as they note that traditional retailers have reported progress in e-commerce, store-based sales and their click-and-collect efforts.
Wal-Mart /zigman2/quotes/207374728/lastsale WMT +3.95% is matching Amazon in the “blimp-style floating warehouses” race . Overall, the Bentonville behemoth has been saying “bring it” to Amazon, as a MarketWatch story puts it. Plus, Wal-Mart’s Jet.com unit is literally bringing it to customers’ homes:
Amazon’s shares are up slightly in premarket action this morning. That follows yesterday’s finish at $953.29, which marked the lowest close since mid-May for the FAANG stock — and a 9.5% drop from last month’s closing high at around $1,053. It’s still up 27% for the year.
Key market gauges
Futures for the Dow , S&P 500 and Nasdaq-100 are edging higher, after the Dow /zigman2/quotes/210598065/realtime DJIA +2.24% and S&P /zigman2/quotes/210599714/realtime SPX +2.28% inched up yesterday, while the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.72% lost ground.
It’s been mostly a sea of green in Europe /zigman2/quotes/210599654/delayed XX:SXXP +0.42% and Asia. The dollar /zigman2/quotes/210598269/delayed DXY +0.43% is gaining, while gold and oil are falling.
See the Market Snapshot column for the latest action.
It’s been woo-hoo for WUBA bulls. Shares in the so-called Craigslist of China — 58.com /zigman2/quotes/209650513/lastsale WUBA +12.98% — are little changed in premarket action after soaring 20% yesterday. That leap followed better-than-expected unaudited financial results, as Barron’s notes .