Bullish phase under threat as Amazon stays range-bound

While Amazon is on a 3 day bullish trend, Friday's session put the brakes on the ongoing uptrend — Amazon recovered back to $102.51 after dipping down to $101.11, in a session that followed Thursday's $102.4 close value.

Amazon made an initial break below its 10 day Simple Moving Average at $101.71, a possible indication of a forthcoming negative trend. Amazon's upper Bollinger Band® is at $104.74, suggesting that a downward move may follow. In contrast, Amazon is currently alternating around $101.35 with price action moving above and below this key level throughout the session.

Despite the market lacking direction, technical chart analysis strongly suggests Amazon is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other consumer discretionary stocks as Toyota went down to $135.96, losing 0.93% after it closed at $137.23 Friday. Alibaba lost 1.68% Friday and closed at $94.55.

Data to be released today might clear up some of the market fog as United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.

Having set a significant low of $81.82 3 months ago, the tech and retail multifaceted giant is trading 25.15% higher.