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June 14, 2023
A quick look at yesterday: iShares MSCI USA Value Factor ETF went up to $93.6 yesterday, gaining 1.17%.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. Fresh Core Consumer Prices data from United States came out at 0.4%.
Technical analysis shows that although iShares MSCI USA Value Factor ETF is appreciating today after rising as high as $93.78, price action is now slowing and consolidating around 40 cents below the $94 resistance level. With regards to technical trend indicators, chart analysis show that investors are seeking long positions as iShares MSCI USA Value Factor ETF price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $93.65, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued.
Overall, while iShares MSCI USA Value Factor ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Toyota added 5.68% and closed around $149.59 yesterday. Linde went up by 3.11% yesterday, and closed at $373.26. Caterpillar is trading around $245.44 after ending yesterday's session at $237.9 (up 3.17% today).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Also worthy of note, United States Producer Price Index projected to decline to -0.1% while previous data was 0.2%; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
IShares MSCI USA Value Factor ETF is now trading 7.05% below the significant high of $99.54 it set around 4 months ago.
