The market has rewarded this tech giant for its powerful business engine, but a recent pullback forces investors to ask if the best part of the run is already over.

Amazon.com (AMZN) is a business of two giants. One delivers packages to your door. The other, AWS, delivers the cloud computing power that runs a huge portion of the modern internet. The market has long rewarded this combination, placing the stock in the top 36% of large US stocks for trend strength. But the tape tells a more complicated story right now.

The stock has pulled back about 5% from its one-month high and trades about 11% below its 52-week high. Over the last year, it underperformed the wider market; while the S&P 500 (SPY) returned +16.8%, Amazon shares returned…