Amazon continues trading in the bullish trend within the channel dating back to the start of 2023. Currently, its shares are trading at around $178.15 a share and are up 1.6% on the day. Towards the upside, we can see the near-term resistance sits around $182.38, which is the high of the August rally following the volatile August sell-off. A break above this resistance may return the focus toward the $190-$200 area for a strong finish in the final quarter of the year. However, it is important to remember that with September being historically a poor month in terms of market gains, and November elections not long away, increased volatility and pressure of government change could weigh on the stock in the near term. Towards the downside, the main support on the watch will be along the supportive trendline, reading approximately $160. A break below this price level would then have investors look towards $151.61 (August low) for additional support before anticipating any further downside. The technical indicators suggest that volatility has somewhat settled as the MACD volume has lowered over the recent weeks, and the RSI has risen to 51 from a low of 42.