Ford ended yesterday at $12.59, a 4.14% increase

A quick look at yesterday: pronounced bullish sentiment in the market helped the US auto giant to make a notable 4.14% gain yesterday, rising 50 cents and ultimately closing at $12.59.

Ford's uptick comes amid good United States macroeconomic data released during the day — data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.

At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.

Trend analysis indicates that investors are seeking long positions as Ford Motor Co price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $12.48, thereby suggesting that Ford Motors is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that although Ford Motors is appreciating today after rising as high as $12.78, price action is now slowing and consolidating around 30 cents below the $12.89 resistance level.

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

This rally in Ford Motors's share price coincided with other consumer discretionary stocks as Tesla was up 4.14%.

While Ford was bullish yesterday, the following consumer discretionary stocks underperformed: Toyota lost 1.68% yesterday and closed at $137.73. Alibaba closed at $78.67 (down 2.84%).

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Also worthy of note, United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 229,000; data will be released tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (May) will be released tomorrow at 12:15 UTC.

The US auto giant has fallen back around 26.42% over the past 9 months, from a notable high of $16.43.