The weekly chart for Amazon shifts to negative Friday, given a close below the five-week MMA at $292.71, if weekly momentum declines below 80.00. Today the 12x3x3 weekly slow stochastic reading is 80.97, so it may take another week to signal that the stock has lost its mojo. The 200-week SMA is at $197.21. Amazon ($286.47) was downgraded to sell after setting its all-time high, but today the stock has a hold rating, according to ValuEngine. The stock is 30.7% overvalued, which is a long way from being considered a value stock. The stock has an extremely elevated 12-month forward P/E ratio of 162.5 and is trading at 21.3 times book value.
After testing my semiannual risky level at $313.60, Amazon is trading between its quarterly value level, at $272.68, and my monthly pivot, at $292.46. My annual value levels are $226.80 and $172.56, with a semiannual risky level at $324.33. Keep in mind that Apple is trading between its annual pivots, at $421.05 and $510.64. At the time of publication the author had no position in any of the stocks mentioned.Follow @SuttmeierThis article was written by an independent contributor, separate from TheStreet's regular news coverage.