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April 26, 2023
Yesterday at a glance: after finishing Monday at $109.48, iShares iBoxx $ Investment Grade Corporate Bond ETF went up to $110.23 before paring its losses and closing at $109.96.
United States Core Durable Goods Orders data will be released today at 12:30 UTC, with an expected decline to -0.2%.
On the flip side, United States Consumer Confidence fell short of the 104 projections, with new data of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
IShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $110.65, this is a slight indication of a slowdown. IShares iBoxx $ Investment Grade Corporate Bond ETF is 20 cents away from testing key resistance at $110.16. Peaking above this level could inspire market bulls and open the path to further gains.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest iShares iBoxx $ Investment Grade Corporate Bond ETF is set for a reversal in the coming days.
IShares iBoxx $ Investment Grade Corporate Bond ETF shows positive signs, other assets are also on par: notably, Novartis rose 3.43% yesterday and closed at $100.59.
Meanwhile, United Parcel Service lost 10% yesterday and closed at $195.85. After ending yesterday's session at $574.3, Thermo Fisher Scientific lost $25.92 and is trading around $548.38.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
Also worthy of note, United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. Projections for United States Pending Home Sales are set for a continuation of decline with 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC.
After hitting an important low of $99.2 approximately 6 months ago, iShares iBoxx $ Investment Grade Corporate Bond ETF has bounced back 10.36% since.
