Yesterday at a glance: after closing Tuesday at $103.63, Amazon closed at $103.65 yesterday after climbing to $105.96 and dropping back down.
United States Initial Jobless Claims is next.
This uncertain state for Amazon is reflected by published market data as United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States Crude Oil Inventories fell short of the -1.1 million projections, with new data of -1.28 million. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.
Amazon made an initial breakout above its 10 day Simple Moving Average at $104.98, a potential indicator of a newly emerging bullish phase. Amazon is approaching key support, around $1 away from $102.63. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Amazon, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Starbucks closed at $103.96 (down 9.17%). McDonald's went down to $295.22, losing 0.96% after it closed at $298.07 yesterday. Toyota traded at $135.57 after closing yesterday's trading day at $135.16 (up 0.3%).
Data to be released today might clear up some of the market fog as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 230,000, data will be available today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The tech and retail multifaceted giant has recovered 26.66% since descending to a significant low of $81.82 around 4 months ago.