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February 22, 2023
After closing the previous trading day at $19.27, ProShares UltraShort MSCI Brazil Capped is up to $19.62, which makes for a move of 1.81%/34.86 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, 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.
Despite posting gains so far today, ProShares UltraShort MSCI Brazil Capped slid below its 10 day Simple Moving Average at $19.12 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $20.46, thereby suggesting that ProShares UltraShort MSCI Brazil Capped is becoming overvalued. Although ProShares UltraShort MSCI Brazil Capped is appreciating today after rising as high as $19.62, price action is now slowing and consolidating around 10 cents below the $19.52 resistance level.
ProShares UltraShort MSCI Brazil Capped is likely to reverse course and start pointing downward in the short term.
Meanwhile, Rio Tinto dips 4.39% to trade around $72.07. After ending yesterday's session at $66.27, BHP Billiton lost $2.47 and is trading around $63.8. Exxon Mobil is trading around $108.76 (down $2.41).
Also worthy of note, tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.
The market is looking forward to the release of new data: United States GDP is expected tomorrow at 13:30 UTC.
So far this year, ProShares UltraShort MSCI Brazil Capped has declined 17.72% while touching highs around $34.1 earlier this year.
