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Amazon has proven itself to be an exception amid a relatively stagnant market that has ping-ponged between the same levels all year.

The e-commerce giant broke above its previous all-time high to hit $724.23 on Tuesday, part of a post-earnings climb that just keeps going. This has led Oppenheimer technical analyst Ari Wald to describe Amazon's relentless momentum as evidence of an "anomaly" where stocks that outperform the market tend to continue to do so.

"What's telling for me about the charts is, here's a stock breaking at new highs while the rest of the market is still dealing with resistance from May of last year," he said on CNBC's "Power Lunch." "This is evidence of the relative strength of this stock."

Based on his chart work, Wald says $800 is in the cards for the stock.

Even among tech giants, Amazon continued up in an otherwise mixed period that saw many companies struggle to maintain their previous numbers. Apple and Microsoft, in particular, fell to some of their lowest levels in years while social media giant Facebook continued to edge upward. Amazon was one of the few tech companies that actually saw its shares bounce after strong first-quarter earnings thanks to the growing popularity of e-commerce.

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But not everyone sees Amazon's outperformance of the market as a sign of opportunity for investors. While Eddy Elfenbein, editor of the Crossing Wall Street blog, loves Amazon as a company, he views its outpacing numbers as a sign for investors to stay away.

"Whatever it is, whatever the market is doing, they're following different rules," he said. "They made $1.25 per share last year, that gives them a P/E of $577. It's a different game, I can't rationalize that. That's why I'd stay away, there are better opportunities elsewhere."

Amazon is up almost 70 percent from last year, and its share price has already risen more than 20 percent this quarter alone.