More of the same for VLUE: down 8 cents (0.11%) for a 4th consecutive day

IShares MSCI USA Value Factor ETF is down to $94.92, after ending yesterday at $95. Overall, a 0.11% loss or 8 cents today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Amid the market gloom, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

As the day gets underway, chart analysis suggests iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 53 cents away from $94.39. Dipping below could be an indication that further losses are ahead. Trend 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $95.11, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates iShares MSCI USA Value Factor ETF will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Rio Tinto falls 4.39% to trade around $72.07. BHP Billiton is down to $63.8, losing $2.47, after closing at $66.27 in the preceding trading session. Exxon Mobil is down $2.41 from the beginning of the session and now trades around $108.76.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.

Furthermore, United States GDP is expected tomorrow at 13:30 UTC.

IShares MSCI USA Value Factor ETF has recovered 16.08% since descending to a significant low of $81.86 around 4 months ago.