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March 01, 2023
A quick look at yesterday: bearish sentiment ensured iShares MSCI USA Value Factor ETF finished yesterday's session lower. However, despite the downward bias, iShares MSCI USA Value Factor ETF etched out a distinct $93.73 to $94.43 session range.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
Consumer Confidence in United States fell short of market expectations (108.5) with a reading of 102.9, continuing the decline from the previous figure of 106.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Support/Resistance levels obtained from chart analysis indicate that iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 23 cents away from $93.5. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $93.1, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value.
Overall, the technical outlook suggests iShares MSCI USA Value Factor ETF is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Merck is down to $106.24, losing $3.12, after ending the previous session around $109.36. Goldman Sachs drops 3.8% yesterday and closed at $365.53.
Other assets are showing positive performances as Meta Platforms added 3.19% and closed around $169.54 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) scheduled to come out today at 15:00 UTC.
After hitting an important low of $81.86 approximately 4 months ago, iShares MSCI USA Value Factor ETF has bounced back 15.15% since.
