Amazon is up to $107 (+1.91%) in pre-market trading after closing yesterday's session at $105

Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Amazon ended Tuesday at $102.57. yesterday it went up to $106.62 only to drop back, yet still managed to close at $105.

United States GDP data will be released today at 12:30 UTC, with an expected decline to two.

Amazon's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat the -0.2% projections, with 0.3%.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -1.49 million with a reading of -5 million.

Meanwhile, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.

Amazon made an initial breakout above its 5 day Simple Moving Average at $104.77, a potential indicator of a newly emerging bullish phase. Despite this, Amazon price action is currently oscillating around the $106.37 resistance level with prices moving above and below several times during the session. Amazon's upper Bollinger Band® is at $106.95, this is a slight indication of a slowdown.

With all probabilities considered, today's gains in Amazon have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.

Amazon went up yesterday, yet these consumer discretionary stocks did not follow — Home Depot went down to $288.07, losing 2.79% after it closed at $296.33 yesterday. Tesla lost 4.31% yesterday and closed at $153.75. Lowe's lost 2.47% yesterday and closed at $200.8.

Also worthy of note, projections for United States Pending Home Sales are set for a continuation of decline with 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. United States GDP expected to decline to two while its preceding data was 2.6, data will be available today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released today at 12:30 UTC.

Amazon hit a significant low of $81.82 around 3 months ago, but has since recovered 25.36%.