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March 16, 2023
Yesterday at a glance: during yesterday's session, Arrow Electronics toiled and struggled for upward momentum before closing at $114.93. By the close, the the Colorado-based electronics company suffered a $2.17 or 1.85% loss.
United States Building Permits (Feb) is next today at 12:30 UTC.
Trend and momentum analysis indicates 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. According to asset volatility analysis, Arrow Electronics's lower Bollinger Band® is at $113.38, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Arrow Electronics has no clear-cut direction.
Arrow Electronics was not the only decliner in the technology sector; Accenture plc Class A (Ireland) lost 2.5% yesterday and closed at $246.17. TSM closed at $86.7 (down 2.9%).
On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft was up 1.78%.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000, having previously been at 211,000. The figure will be published today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released today at 12:30 UTC. United States Building Permits (Feb) is expected today at 12:30 UTC.
Trending downwards for around a month. The electronics company has fallen back around 11.64% over the past a month, from a notable high of $132.53.
