A quick look at yesterday: Amazon rallied $4.12 (4.46%) deep into the session, closing at $96.54.
United States ISM Manufacturing PMI (Nov) is next today at 15:00 UTC.
Amazon's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 225,000, better than analyst estimates of 235,000 and improving upon the previous reading of 241,000.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.
At the same time, United States Core PCE Price Index (MoM) (Oct) released today at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
Amazon made an initial breakout above its 21 day Simple Moving Average at $94.23, a potential indicator of a newly emerging bullish phase. Despite this, Amazon is $1.67 away from testing key resistance at $98.21. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Amazon might continue pointing upwards in the short term.
This rally in Amazon's share price coincided with other consumer discretionary stocks as Alibaba traded at $87.56 after closing yesterday's trading day at $79.86 (up 9.64%). Tesla added 7.67% to its value, and traded at $194.7. Walt Disney gained 3.36%, as it traded at $97.87.
Also worthy of note, United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 261,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Nov) is expected today at 15:00 UTC. United States Unemployment Rate is expected tomorrow at 13:30 UTC.
The tech and retail multifaceted giant has shed 25.83% over the past three months.