Today was an important day in terms of short term price movement. The weakness it is showing, resistance that cannot be broken, and large gap below are all indicators of some downside ahead.
There is some resistance at 3,080 that I don't think AMZN will break. I believe a short breakout will happen tomorrow and possibly Monday, but If it can't break through the 3,080 we may see newer lows.
We have been overdue for a pullback. Especially since Microsoft has been outperforming the other tech stocks, it wouldn't surprise me if MSFT pulls back a little more than the other stocks. Just seeing the movement today and the strong resistance at 242.5, we will need to come down before we go any higher.
