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April 19, 2023
Yesterday at a glance: without a clear direction, iShares MSCI USA Value Factor ETF closed at $93.58 while ranging between $93.22 and $93.91.
United States Crude Oil Inventories is next.
This uncertain state for iShares MSCI USA Value Factor ETF is reflected by published market data as United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.
IShares MSCI USA Value Factor ETF made an initial break below its 50 day Simple Moving Average at $93.31, a possible indication of a forthcoming negative trend. Despite this, iShares MSCI USA Value Factor ETF bounced after reaching the $93.23 support zone, climbing 35 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests iShares MSCI USA Value Factor ETF is positioned for a downward move in the near term.
While iShares MSCI USA Value Factor ETF was pretty flat yesterday, mixed performances were seen elsewhere as Johnson & Johnson is down to $161, losing $4.67, after ending the previous session around $165.67. The Blackstone Group Inc. went up by 4.9% yesterday, and closed at $91.5. Lockheed Martin rallies 2.4% yesterday and closed at $489.64.
Data to be released today might clear up some of the market fog as projections for United States Crude Oil Inventories are set for a continuation of decline with -1 million while previous data was 597,000; data will be released today at 14:30 UTC. United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
IShares MSCI USA Value Factor ETF is now trading 14.28% above the significant low ($81.86) it slumped to 6 months ago.
