Why amazon share price is in a descending trend?

Amazon's stock price decline can be attributed to several factors:

1. Earnings Miss and Guidance: Amazon's recent earnings report missed revenue estimates, and the company issued lower-than-expected guidance for the third quarter. This led to investor disappointment and a sell-off in the stock.
2. Weak Unemployment Report: The stock market as a whole was affected by a weak unemployment report, which heightened concerns about the broader economy and led to a sell-off in riskier assets like Amazon's stock.
3. Resistance Level: The stock is encountering resistance at the $180 price level, which is where a gap was formed after the company's disappointing earnings announcement. This gap-fill-rejection trade setup can lead to a struggle to break through this level.
4. Relative Strength Index (RSI): The RSI is indicating a downtrend, suggesting that the "relief rally" in Amazon's stock may be losing momentum.
5. Market Sentiment: The stock's performance has been volatile, with returns of -50% in 2022 and 81% in 2023, indicating a challenging period for the stock. Additionally, the stock has underperformed the S&P 500 in 2021 and 2022.
6. Competition and Growth Rates: Amazon Web Services (AWS) growth fell short of expectations, and growth in North America has suffered due to intense competition. These factors can impact investor confidence in the company's future growth prospects.

In conclusion, Amazon's stock price decline is a result of a combination of factors including missed earnings and guidance, market sentiment, and competition. Investors should monitor these factors and Amazon's performance relative to the broader market for potential opportunities or further declines.