amazon com inc amzn opened slightly higher on friday before slumping to trade near thursday’s lowofday in tandem with the sp 500 which saw similar price action on thursday amazon confirmed it planned to begin reducing its workforce following in the footsteps of meta platforms inc meta the latter which recently said it would cut its headcount by about 13 as the economy slows and the likelihood of a recession increases more and more growth stocks will begin to look for ways to save money amazon plans to continue with layoffs into 2023 cutting its employee number by about 10000 although amazon negated a recent downtrend the stock has shown comparative weakness to the general market recently while the sp 500 is trading in an uptrend on the weekly chart amazon is in a clear downtrend on that time frame read more about layoffs at amazon here want direct analysis find me in the bz pro lounge click here for a free trial the amazon chart although amazon is trading in a downtrend on the weekly chart if the stock can hold above 9350 on friday and bounce on monday an uptrend on the daily chart will be in play if that happens bullish traders will want to see amazon climb up above the nov 15 high of 10379 which would put the stock in reach of an upper gap   amazon is also trading in an inside bar pattern on the daily chart with all of friday’s price action taking place within thursday’s trading range the pattern is neutral in this case but traders and investors can watch for amazon to break up or down from thursday’s mother bar on higherthanaverage volume to gauge future direction   if amazon breaks bearishly down from thursday’s mother bar a lower gap that exists between 8947 and 9165 could fill gaps on charts fill about 90 of the time making it likely amazon will fill both the upper and lower gaps at some point in the future amazon has resistance above at 9549 and 9988 and support below at 9218 and 9077 see also amazon prepares for a notsohappy new year as ceo tells workers to brace for more layoffs