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May 03, 2023
A quick look at yesterday: after ending Monday at $102.05, Amazon spiked to $103.9 yesterday, dropped back to starting point range, and rallied again to $103.63.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Mar) came out at 9.59 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -3.94 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.
Amazon made an initial breakout above its 21 day Simple Moving Average at $103.28, a potential indicator of a newly emerging bullish phase. On the other hand, note that Amazon could be slowing down soon as it approaches resistance at $104.64. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Amazon might continue pointing upwards in the short term.
While Amazon was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba closed at $81.53 (down 3.12%). Walt Disney closed at $100.6 (down 1.58%). Toyota went down to $135.16, losing 1.12% after it closed at $136.69 yesterday.
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 -1.1 million, having previously been at -5 million. The figure will be published today at 14:30 UTC.
Also worthy of note, United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 230,000, data will be available tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released today at 18:00 UTC.
Over the past 8 months, the tech and retail multifaceted giant has retreated 29.51% from a noteworthy peak of $144.78.
