Yesterday at a glance: after ending Friday at $89.09, Amazon went up to $90.58 only to drop back, yet still traded well overall and closed at $90.55 yesterday.
United States Consumer Price Index is next today at 13:30 UTC.
Meanwhile, United States Federal Budget Balance (Nov) came out at -249 billion, while a consensus of analysts was expecting -248 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14. United States 3-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.093, while the previous figure was 4.605.
Trend-following investors would be interested to note that Amazon made an initial breakout above its 5 day Simple Moving Average at $89.43, a potential indicator of a newly emerging bullish phase. Technical chart analysis shows Amazon broke through the $90.05 resistance, climbing 50 cents above it.
Notwithstanding Amazon's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other consumer discretionary stocks also showed bullish price action as Nike was up 2.42%. McDonald's was up 1.68%.
While Amazon was bullish yesterday, the following consumer discretionary stocks underperformed: Tesla closed at $167.82 (down 6.27%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released today at 13:30 UTC. United States Interest Rate figure is projected at 4.5. It previously stood at four; data will be released tomorrow at 19:00 UTC.
On a negative trend for around a month. Jeff Bezos’s company is now trading 34% below its 3-month high of $173.31.