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June 29, 2023
Stable at $92.73 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — a tough session dominated by bearish sentiment left VLUE 6 cents lower, while setting a $91.95 to $92.75 session range.
United States GDP is next today at 12:30 UTC.
This uncertain state for iShares MSCI USA Value Factor ETF is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.76 million with a reading of -9.60 million. 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.
A study of iShares MSCI USA Value Factor ETF's historical price actions shows iShares MSCI USA Value Factor ETF is approaching key support, around $1.05 away from $91.68. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
While iShares MSCI USA Value Factor ETF was pretty flat yesterday, mixed performances were seen elsewhere as Toyota is trading around $160.11 after ending yesterday's session at $157.18 (up 1.86% today). Netflix went up by 3.06% yesterday, and closed at $429.84.
Data to be released today might clear up some of the market fog as United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released today at 12:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 266,000, following on from the preceding figure of 264,000. New data is set to be published today at 12:30 UTC. United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.
IShares MSCI USA Value Factor ETF is now trading 6.78% below the significant high of $99.54 it set around 4 months ago.
