Amazon.com ( AMZN) ($274.70) beat EPS estimates by eight cents earning 18 cents per share. I saw an after hours knee-jerk high of about $288.00, above the all time high set at $284.72 on Jan. 25. Given a miss on the revenue line and disappointing guidance, I observed a low print around $259.50 as my weekly, monthly and quarterly pivots at $262.35, $278.07 and $278.28 became magnets. Given the stock's strong sell rating and initial after hours strength investors had the opportunity to book profits as a "source of funds." My semiannual and annual value levels are $241.23 and $226.80.
Summarizing by the numbers: A weekly close above my semiannual pivot at 1566.9 on the S&P 500 indicates upside potential to my semiannual risky level at 965.51 on the Russell 2000. This would lead the major averages to re-tests of the March/April highs and to new highs going into May. My semiannual value level remains at 14,323 Dow industrials with annual and semiannual pivots at 5925 and 5955 on Dow transports. A weekly close below my semiannual value level at 14,323 on Dow industrials would signal a market top. My prediction remains that my annual value levels 12,696 Dow industrials, 1348.3 S&P 500, 2806 Nasdaq, 5469 Dow Transports, and 809.54 Russell 2000 will be tested at some point in 2013. At the time of publication the author held no positions in any of the stocks mentioned.Follow @SuttmeierThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.