Continuing its six day losing streak, ProShares UltraShort MSCI Brazil Capped further drops by 2.28% to close at $16.3

Yesterday at a glance: ProShares UltraShort MSCI Brazil Capped slid down from $16.68 to $16.3, taking a 38.05 cents loss (2.28%)

Amid the market gloom, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.

Technical analysis trend indicators suggest 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 $16.08, a low enough level to, generally, suggest that ProShares UltraShort MSCI Brazil Capped is trading below its fair value. Chart analysis indicates ProShares UltraShort MSCI Brazil Capped could begin to recover as it approaches significant support, now 17 cents away from $16.13. Dipping below could be an indication that further losses are ahead.

Overall, the technical outlook suggests ProShares UltraShort MSCI Brazil Capped 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, Verizon is down to $36.77, losing 82 cents, after ending the previous session around $37.59.

Other assets are showing positive performances as Wells Fargo & Company rallies 3.41% yesterday and closed at $37.49. General Electric went up by 3.24% yesterday, and closed at $102.

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 -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.

Moreover, United States Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.6%. The figure will be published today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.

Having soared to a high of $34.1 approximately 10 months ago, ProShares UltraShort MSCI Brazil Capped is now trading 51.08% lower.