Slightly weaker but mostly flat: Amazon is currently trading at $87.79 as it maintains an active range between $87.49 and $89.89.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -5.19 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts.
Meanwhile, United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released today at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Amazon's lower Bollinger Band® is at $86.71, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that although Amazon is down today and was as low as $87.49, it seems to be recovering slightly and climbing away from the $87.11 support line and is now 68 cents above it.
Overall, the technical outlook suggests Amazon is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other consumer discretionary stocks as Alibaba is down to $88.04, losing 3.73%, after ending yesterday at $91.45. Tesla is down 3.77% from the beginning of the session and now trades around $173.04.
Positive performances can be seen by looking at other consumer discretionary stocks as Lowe's is up 2.93% to $207.83.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 230,000, following on from the preceding figure of 225,000. New data is set to be published tomorrow at 13:30 UTC.
The tech and retail multifaceted giant is now trading 30% below its 3-month high of $176.16.