Bearish mood pushes Tapestry to session low of $42.63

A quick look at yesterday: Tapestry shed 1.45%, falling to $42.77.

United States Fed Chair Powell speech is next today at 06:30 UTC.

Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -3.83 million to -9.60 million this month.

Amid the market gloom, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

Tapestry Inc made an initial break below its 5 day Simple Moving Average at $43.05, a possible indication of a forthcoming negative trend. Tapestry's upper Bollinger Band® is at $44.5 which indicates a further downward move may follow. On the other hand, note that Tapestry could begin to recover as it approaches significant support, now 25 cents away from $42.52. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Tapestry to extend its recent losses.

Tapestry was not the only decliner in the consumer discretionary sector; Alibaba went down to $84.59, losing 2.92% after it closed at $87.13 yesterday. Home Depot closed at $306.51 (down 2.3%).

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota was up 1.86%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States GDP projected to decline to 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. United States Initial Jobless Claims expected to decline to 266,000 while its preceding data was 264,000, data will be available today at 12:30 UTC.

Furthermore, United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.

Tapestry hit a significant low of $28.43 around 8 months ago, but has since recovered 52.66%.