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June 03, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left LQD 29 cents lower, while setting a $107.22 to $107.76 session range.
Highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
In contrast, positive data for iShares iBoxx $ Investment Grade Corporate Bond ETF reported earlier when United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.
IShares iBoxx $ Investment Grade Corporate Bond ETF made an initial break below its 21 day Simple Moving Average at $107.54, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $107.5 by around 19.5 cents with prices hammering out a $107.22 – $107.76 range by session close. On the other hand, note that iShares iBoxx $ Investment Grade Corporate Bond ETF could begin to recover as it approaches significant support, now 21 cents away from $107.1. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting iShares iBoxx $ Investment Grade Corporate Bond ETF to extend its recent losses.
In the meantime, negative performances are also seen in other markets, Verizon is down to $34.58, losing $1.14, after ending the previous session around $35.72.
Positive performances can be seen by looking at other markets as Caterpillar added 8.4% and closed around $209.07 yesterday. Toyota added 3.8% and closed around $140.65 yesterday.
IShares iBoxx $ Investment Grade Corporate Bond ETF is now trading 8.47% above the significant low ($99.2) it slumped to 7 months ago.
