Today at a glance: an influx of sellers pushed Jeff Bezos’s company to end the session lower around $110.96, while establishing a $109.77 to $114.12 session range today.
Data from United States concerning Core Durable Goods Orders was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.5% this month.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important GDP data from United States beat analyst expectations of 2.4 with a reading of 2.6. United States Initial Jobless Claims beat the 220,000 projections, with 217,000.
Amazon's lower Bollinger Band® is at $108.07, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, Amazon fell below the $112 support zone and moved $1.04 beyond it; the next level of support with significant buyer interest is estimated at $107.42.
Overall, looking at the technical analysis landscape, it seems Amazon might start pointing upward in the short term.
Amazon was not the only decliner in the consumer discretionary sector; Alibaba went down 3.9%, closed at $68.51. Nike falls 2% today to close at $92.39.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as McDonald's added 3.31% to its value, and traded at $265.11.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Pending Home Sales are set for a continuation of decline with -5% while previous data was -2%; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Sep) scheduled to come out tomorrow at 12:30 UTC.
11 months ago Jeff Bezos’s company reached a significant high of $184.8 but has consequently lost 37.41% since then.