Today at a glance: after closing at $125.3 on yesterday, Amazon maintained a strong bullish bias that helped the stock close higher at $126.61 today. However, market bears ensured the the tech and retail multifaceted giant topped out at $127.4 and that by the end of the session, the market had marked out a distinct $125 to $127.4 range.

Amazon is currently trading at $126.61 following the release of EIA Short-Term Energy Outlook data from the United States.

At the same time, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Data from United States concerning Factory Orders was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 0.6% to 0.4% this month.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Amazon is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $127.58, thereby suggesting that Amazon is becoming overvalued. Chart analysis suggests Amazon broke through the $126.39 resistance and climbed above it 22 cents; next resistance level is at $127.48.

Overall, while Amazon has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in Amazon's share price coincided with other consumer discretionary stocks as Toyota was up 1.89%. Alibaba gained 2.73%, as it traded at $86.7.

While Amazon was bullish today, the following consumer discretionary stocks underperformed: McDonald's lost 1.35% today and closed at $284.54.

Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.

The stock has been trending positively for about a month. Jeff Bezos’s company now trading 33.65% above its 3-month low of $81.82.