A quick look at yesterday: in yesterday's bearish session, the wholesale company shed around 1.91% in quick fashion, found support around the $488.88 level and finally closed at $493.59. In contrast, the day's events followed Friday's session in which the stock closed at $503.22.

Amid the market gloom, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released yesterday at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) came out at 50.2.

Concerning technical analysis and more specifically, trend indicators, Costco made an initial break below its 50 day Simple Moving Average at $491.87, a possible indication of a forthcoming negative trend. Fibonacci-minded traders witnessed a key Fib level of $493.08 holding firm – an indicator of highly concentrated demand around this level. Analysis based on the asset volatility indicates that Costco's lower Bollinger Band® is at $485.56, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that Costco could begin to recover as it approaches significant support, now $5.35 away from $488.24. Dipping below could be an indication that further losses are ahead.

All in all, the technical analysis suggests Costco has no clear-cut direction.

Costco was not the only decliner in the consumer staples sector; Philip Morris International went down to $99.35, losing 0.62% after it closed at $99.97 yesterday.

On the other hand, positive performances could be seen by looking at other consumer staples stocks as Mondelez International traded at $77.22 after closing yesterday's trading day at $76.72 (up 0.65%). Walmart was up 0.41%.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000, having previously been at -5 million. The figure will be published tomorrow at 14:30 UTC.

Furthermore, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.

The stock has been trending positively for about a month. This year has been a bright one for the wholesale giant after trading as low as $416.43 and going on to appreciate by 8.71% year to date.