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March 09, 2023
A quick look at yesterday: after closing at $93.5 Tuesday, VLUE maintained a strong bullish bias that helped the fund close higher at $93.81 yesterday. However, market bears ensured the iShares MSCI USA Value Factor ETF topped out at $93.91 and that by the end of the session, the market had marked out a distinct $93.2 to $93.91 range.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
On the flip side, United States Crude Oil Inventories fell short of the 395,000 projections, with new data of -1.69 million.
At the same time, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
With regards to technical trend indicators, chart analysis show that despite posting gains on yesterday, iShares MSCI USA Value Factor ETF slid below its 200 day Simple Moving Average at $93.48 during the last session — an early indicator that a negative trend could be emerging. IShares MSCI USA Value Factor ETF formed a session range of $93.2 to $93.91 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $93.68. Analysis based on the asset volatility indicates that iShares MSCI USA Value Factor ETF's lower Bollinger Band® is at $92.17, indicating that the market is oversold and fertile for new buyers. Technical analysis shows that iShares MSCI USA Value Factor ETF could be slowing down soon; it is getting close to the resistance line and is now at $94.09, only 28 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, the technical outlook suggests iShares MSCI USA Value Factor ETF is likely to remain muted for the immediate future, with no clear-cut direction.
IShares MSCI USA Value Factor ETF shows positive signs, other assets are also on par: NVIDIA is trading around $241.81 after ending yesterday's session at $232.88 (up 3.83% today).
At the same time, Merck lost 2.69% yesterday and closed at $111.27. After ending yesterday's session at $152.93, AbbVie lost $3.33 and is trading around $149.6.
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published tomorrow at 13:30 UTC. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.
Furthermore, the market is looking at United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
The fund has been trending lower for about a month. IShares MSCI USA Value Factor ETF is now trading 14.22% above the significant low ($81.86) it slumped to 5 months ago.
