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March 11, 2023
A quick look at yesterday: iShares MSCI USA Value Factor ETF slid into the red after losing $1.35 and ending the session at $90.46.
Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.
On the flip side, highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.
Amid the market gloom, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $91.29 currently serving as support. If price action breaks below, the next Fib hurdle is $89.82. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $90.23, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value. Chart analysis indicates although iShares MSCI USA Value Factor ETF is down today and was as low as $89.84, it seems to be recovering slightly and climbing away from the $89.48 support line and is now 98 cents above it.
With market volatility ebbing, the current technical outlook indicates iShares MSCI USA Value Factor ETF will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, The Charles Schwab plunges 11.69% yesterday and closed at $66.47. Caterpillar is down to $227, losing $13.96, after ending the previous session around $240.96. After ending yesterday's session at $421.42, Deere & Company lost $25.49 and is trading around $395.93.
All in all, the fund has been on a negative trend for around a month. Having set a significant low of $81.86 5 months ago, iShares MSCI USA Value Factor ETF is trading 12.15% higher.
