$AMZN now trades less like a growth story and more like a macro barometer, reacting to yields, consumer data, and AI narrative shifts all at once. Price behavior recently shows controlled pullbacks rather than emotional selling, which usually reflects institutional positioning instead of retail volatility. The key focus is whether buyers continue defending higher lows that’s what keeps the broader uptrend structurally intact. A strong push through recent highs could unlock momentum fueled by tech-sector strength, while failure to hold support would likely trigger a rotation into wider consolidation. Direction will follow commitment, not speculation.