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April 27, 2023
- IShares Russell 2000 ETF is trending down and might signal a change of direction
- IShares Russell 2000 ETF's upper Bollinger Band® is at $180.63 which indicates a further downward move may follow.
Chart analysis suggests a convincing break of this target could pave the way for deeper losses. Trend-following investors would be interested to note that iShares Russell 2000 ETF's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. According to asset volatility analysis, the lower Bollinger Band® of iShares Russell 2000 ETF is at $171.53.
For the time being, iShares Russell 2000 ETF remains flat without a clear direction.
SPDR S&P Biotech ETF made an initial foray below its 50 day Simple Moving Average around $79.51. SPDR S&P Biotech ETF is hovering around the $79.62 Fibonacci support level. In contrast, SPDR S&P Biotech ETF's downtrend might be halted by its support level at $78.49, which is only 86 cents away.
In the short term, SPDR S&P Biotech ETF is expected to maintain its recent downtrend and continue spiralling lower.
$150.52 marks the crossover point where iShares S&P 500 Value ETF price action falls below its 50 day Simple Moving Average. IShares S&P 500 Value ETF is currently flirting with an active Fibonacci support level around $149.88. Despite this, iShares S&P 500 Value ETF's lower Bollinger Band® is at $149.16, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. $149.11 is only 61 cents away for iShares S&P 500 Value ETF and might put a stop to its current downtrend.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for iShares S&P 500 Value ETF.
Fundamental indicators – United States Crude Oil Inventories fell short of the -1.49 million projections, with new data of -5 million.
Upcoming fundamentals: United States Pending Home Sales expected to decline to 0.5% while its preceding data was 0.8%, data will be available today at 14:00 UTC.
