Amazon shares fell 0.9%, consolidating below their May 5 record high after reaching that peak last month. Over the past two weeks, traders exchanged 4.7 million calls and 1.8 million puts—led by May 270 and 265 calls—while volatility sits in the 20th percentile and market cap nears $3 trillion.
Amazon shares have retreated 0.9% from recent highs and are trading below the May 5 record peak as investors pause after a strong rally. This consolidation phase reflects profit-taking and uncertainty over near-term catalysts following the surge earlier in the month.
In the last two weeks, market participants exchanged over 4.7 million calls and 1.8 million puts on Amazon, with May 270 and 265 calls topping volume charts. Traders are also executing spread strategies at the June 270 strike, signaling continued bullish positioning ahead of potential upside.
Amazon’s implied volatility index sits at 31%, ranking in the 20th percentile of its annual range and offering attractively priced premium for options buyers. With market capitalization approaching $3 trillion, heavy call buying suggests expectations that shares could clear this psychological milestone.
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