It's been a tough 2014 for Amazon. Shares of the online retailer have badly underperformed both the S&P 500 and the retailer group this year and have fallen 19 percent.
It is worth remembering, of course, that the stock is still up nearly 700 percent over the last 10 years. But for some technicians and options traders, the recent weakness indicates that much more downside is ahead for the online retail giant.
The chart analyst points out that "Amazon is not keeping up with retailers in general, and there have been some big moves in 'dead' names of late," noting massive two-month rallies in stocks such as American Eagle, Family Dollar and Kohl's.
In fact, while the trend over the past five years has been that Amazon has led retailers, which have led the market, that trend flipped completely in 2014.