Arrow Electronics closed at $117.34 (down 1.72%) and added one more to its 9th straight day of losses

A quick look at Friday: in Friday's bearish session, the Colorado-based electronics company shed around 1.72% in quick fashion, found support around the $116.28 level and finally closed at $117.34. In contrast, the day's events followed Thursday's session in which the stock closed at $119.39.

United States Core Durable Goods Orders data will be released today at 13:30 UTC, with an expected improvement to 0.1%. Arrow Electronics reaction to indicator information will follow.

Arrow Electronics, Inc.'s lower Bollinger Band® is at $113.45, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Arrow Electronics bounced after reaching the $116.55 support zone, climbing 79 cents above it. Despite this, price action remains constrained around the key Fibonacci level of $117.05 currently serving as support. If price action breaks below, the next Fib hurdle is $113.39.

Technical analysis indicates that Arrow Electronics (currently on a downtrend) might reverse course and start pointing upward in the short term.

Arrow Electronics was not the only decliner in the technology sector; Adobe closed at $320.54 (down 7.63%). Microsoft closed at $249.22 (down 2.18%). SAP lost 2.44% Friday and closed at $113.18.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 1%, following on from the preceding figure of 2.5%. New data is set to be published today at 15:00 UTC.

Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

The electronics company has fallen back around 9.91% over the past 25 days, from a notable high of $132.53.