It hasn’t been a good few weeks for Amazon.com (AMZN). After breaching the trillion-dollar market cap level in early September, the stock has been under a fair amount of selling pressure, pulling back about 9% in the span of a month. As a result of this pullback, AMZN recently broke down and closed below its 50-DMA for the first time since late April. While the stock is down 9% from its high, though, it’s still more than 14% above its 200-DMA (1,629).
A close below the 200-DMA for AMZN would be something we haven’t seen in quite some time. The last time AMZN closed below its 200-DMA was 643 trading days and $570 billion in market cap ago. That’s right, AMZN hasn’t closed below its 200-DMA in more than two-and-a-half years (March 2016)!
With AMZN still more than 14% above its 200-DMA, its streak of daily closes above the 200-DMA doesn’t appear to be in jeopardy of ending anytime real soon. At 643 trading days and counting, the current streak is already easily the longest in the stock’s history. Since the company’s IPO in the late 1990s, there have only been four prior streaks where AMZN closed above its 200-DMA for more than 300 trading days, and not a single one of those streaks reached the 400 trading day point. In other words, the current streak is more than a year longer than the next closest streak!