After closing the previous trading day at $129.18, Amazon is up to $130.65, which makes for a move of 1.14%/$1.47 today.

United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to -1.76 million (previous figure was -3.83 million).

Amazon's uptick comes amid good United States macroeconomic data released during the day — United States Consumer Confidence came out at 109.7, better than analyst estimates of 104 and improving upon the previous reading of 102.5. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.6%, beating projections of -0.1% and showing improvement over the preceding figure of -0.6%.

Meanwhile, United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Amazon's upper Bollinger Band® is at $131.22, this is a slight indication of a slowdown. As the trading day commences, technical analysis suggests Amazon could be slowing down soon as it approaches resistance at $131.47. Of course, crossing it might suggest further gains are ahead.

With market volatility ebbing, the current technical outlook indicates Amazon will remain range-bound for the immediate future.

This rally in Amazon's share price coincides with other consumer discretionary stocks as Toyota is trading at $159.8 after ending yesterday's session at $157.18 (up 1.67%). Tesla is trading at $256.87 after ending yesterday's session at $250.21 (up 2.66%).

Meanwhile, after closing the previous session (yesterday) at $87.13, Alibaba lost $2.2 and is trading around $84.93.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.

Also worthy of note, projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

The stock has been trending positively for about a month. The past 3 months have been positive for the tech and retail multifaceted giant as it added 31.76% compared to its 3-month low of $81.82.