Yesterday at a glance: pronounced bullish sentiment in the market helped Jeff Bezos’s company to make a notable 1.5% gain yesterday, rising $1.54 and ultimately closing at $103.95.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
At the same time, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders improved upon its previous reading of -2.1% with a new data release of -0.7%.
Amazon made an initial breakout above its 3 day Simple Moving Average at $102.57, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $102.11 to $104.2, Fibonacci-inclined Amazon traders were highly concentrated around active Fibonacci resistance at $103.45. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $105.97, thereby suggesting that Amazon is becoming overvalued. Amazon could be slowing down soon as it approaches resistance at $104.73. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if Amazon likely to continue pointing upward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Nike traded at $123.69 after closing yesterday's trading day at $121.67 (up 1.66%). Alibaba gained 2.37%, as it traded at $100.72.
Amazon went up yesterday, yet these consumer discretionary stocks did not follow — Home Depot went down 0.93%, closed at $297.73.
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 -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Elsewhere, United States ADP Nonfarm Employment Change (Mar) is expected today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is scheduled for today at 14:00 UTC.
Amazon hit a significant low of $81.82 around 3 months ago, but has since recovered 25.16%.