End of a rally? After four days of gains, Etsy is down 2% today

While bearish sentiment is dominating the market, the global online marketplace is maintaining its poise around $88.26 while ranging between $87.72 and $92.74 so far today.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.

While price action maintains a negative bias, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.

Etsy, Inc. made an initial break below its 21 day Simple Moving Average at $89.6, a possible indication of a forthcoming negative trend. Etsy formed a session range of $87.72 to $92.74 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $89.45. On the other hand, note that Etsy could begin to recover as it approaches significant support, now $2 away from $86.25. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Etsy to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the global online marketplace is expected to attract significant bearish sentiment in the coming days.

Etsy's stock value drop coincides with Amazon is down 3.49% from the beginning of the session and now trades around $122.19. Toyota is trading around $145.57 (down 1.96%).

Positive performances can be seen by looking at other consumer discretionary stocks as Lowe's is trading at $210.79 after ending yesterday's session at $207.16 (up 1.75%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

The global online marketplace has fallen back around 39.24% over the past 4 months, from a notable high of $148.2.