| 
April 05, 2023
- Existing downtrend raises chances of a convincing break of current support target at $24.57
- The lower Bollinger Band® is currently at $105.72 while the higher band is at $110.8
A study of SPDR Bloomberg Barclays Short Term High Yield Bond ETF's historical price actions shows $24.57 is only 5 cents away for SPDR Bloomberg Barclays Short Term High Yield Bond ETF and might put a stop to its current downtrend.
Concerning technical analysis and more specifically, trend indicators, iShares iBoxx $ Investment Grade Corporate Bond ETF's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Asset volatility analysis shows that iShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is now at $110.8. IShares iBoxx $ Investment Grade Corporate Bond ETF's notable support and resistance levels: iShares iBoxx $ Investment Grade Corporate Bond ETF's recent run now faces a major challenge as concentrated supply is likely found at $110.42 with price action currently 1 cents away.
Overall, while iShares iBoxx $ Investment Grade Corporate Bond ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
$98.73 marks the crossover point where Industrial Select Sector SPDR Fund price action falls below its 10 day Simple Moving Average. On the other hand, note that Industrial Select Sector SPDR Fund is eyeing the $98.07 support line.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund is likely to continue pointing down in the short term.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.
Upcoming fundamentals: projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 198,000; data will be released tomorrow at 12:30 UTC.
