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Stock Market »Will Amazon Stock (AMZN) Hold the $ 3,500 Mark?

Will Amazon Shares (AMZN) Hold the $ 3,500 Bar on the Stock Market With ‘Cyber ​​Week’?

It is estimated that US consumers spent $ 10.7 billion (USD) on Cyber ​​Monday, -1.4% less than last year’s reading.

Last week there were high hopes that the critical “Cyber ​​5” days between Thanksgiving and Cyber ​​Monday would see record numbers of retail sales, but the first results we are seeing point to a slight disappointment. According to Adobe’s Digital Economy Index, American consumers spent $ 10.7 billion on Cyber ​​Monday, -1.4% less than last year. This is due to a similar slight drop in spending on Black Friday, which is estimated at $ 8.9 billion from $ 9.0 billion last year.

So what happened? Why do consumers limit their spending?

Well, for one thing, they may not be spending less, but earlier. According to the same figures from Adobe Digital Economy, online consumer spending in the first four weeks of November has increased by more than 20% this year to reach $ 7.6 billion. In other words, American consumers appear to have increased their purchases at the beginning of the month to avoid the risk of shipping delays amid current disruptions in the global supply chain.

In a related development, retailers have been more cautious about offering deep discounts as their own costs increase. According to Salesforce, the average Cyber ​​Week discount for all tracked products was 23%, up from 30% in previous years. With less drastic price drops than in previous years, consumers may have chosen not to buy big tickets on the sidelines.

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Finally, it should be noted that these so-called “real-time” sales data metrics are notoriously volatile and subject to review, so readers should take any initial analysis with a big grain of salt; in fact, there are even alternative estimates that this weekend’s retail sales were up slightly from previous years. Either way, it appears that this year’s Cyber ​​5 sales weren’t the exploding numbers some analysts were expecting, and that, coupled with the uncertainty surrounding the Omicron variant, is prompting operators to exercise caution. this week.

Market impact

Of course, whenever you talk about selling online, the proverbial elephant in the room is Amazon.com (AMZN). Despite a strong year for global indices, AMZN’s stock is trading unchanged from its September 2020 high after failing to gain significant momentum in the past 15 months.

Moving forward, the key level to watch in the stock market for AMZN shares will be around $ 3,500. This critical area served as price resistance for the first half of the year, then support in mid-July, then resistance again in September, and now appears to provide minimal support for “The Everything Store”. If the $ 3,500 zone is definitely crossed, theAMZN action The stock market could quickly fall to its 200-day EMA moving average near $ 3,350.

By Matt Weller, CFA, CMT, Forex.com » Official site

Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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