Amazon currently down 1.87% halfway through today

The tech and retail multifaceted giant slides down from $121.66 to $119.38, losing $2.28 (1.87%).

Amazon is currently trading at $119.38 following the release of JOLTs Job Openings (Apr) data from the United States.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.

Meanwhile, United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States OPEC Crude Oil Production Algeria (Barrel) released today at 14:15 UTC with a figure of 960,000, while the previous figure was 1,000,000.

Investors are seeking long positions as Amazon price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Amazon could begin to recover as it approaches significant support, now 68 cents away from $120.06. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Amazon might start pointing upward in the short term.

Amazon's stock value drop coincides with after closing the previous session (yesterday) at $137.73, Toyota lost $2.37 and is trading around $135.36. After closing the previous session (yesterday) at $290.31, Home Depot lost $7.53 and is trading around $282.78. Lowe's is down 2.78% from the beginning of the session and now trades around $200.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 229,000; data will be released tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.

The stock has been trending positively for about 30 days. Jeff Bezos’s company now trading 29.11% above its 3-month low of $81.82.