XLB now at $78.1 | Forthcoming price target: 56 cents lower at $77.54

• Materials Select Sector SPDR Fund's downtrend is set to be challenged by looming key support at $77.54
• Upper Bollinger Band® currently at $22.88

$108.42 marks the crossover point where iShares iBoxx $ Investment Grade Corporate Bond ETF price action falls below its 50 day Simple Moving Average. On the other hand, note that iShares iBoxx $ Investment Grade Corporate Bond ETF is eyeing the $108.06 support line.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting iShares iBoxx $ Investment Grade Corporate Bond ETF to extend its recent losses.

Around $16.88, MicroSectors FANG+™ Index -3X Inverse Leveraged ETN can look to establish a new bullish phase beyond its 3 day Simple Moving Average. MicroSectors FANG+™ Index -3X Inverse Leveraged ETN has formed a "bullish engulfing” pattern. MicroSectors FANG+™ Index -3X Inverse Leveraged ETN's lower Bollinger Band® is at $15.59, indicating that the market is oversold and fertile for new buyers. Despite this, MicroSectors FANG+™ Index -3X Inverse Leveraged ETN's run now faces a challenge at $17.19, which is only 49 cents away and will be interesting to follow.

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN continues to move higher with technical analysis indicating the trend will continue in the short term.

Materials Select Sector SPDR Fund made an initial foray below its 200 day Simple Moving Average around $78.32. In contrast, a persuasive break of this target could lead to higher losses. Materials Select Sector SPDR Fund's lower Bollinger Band® is at $77.22.

According to technical indicators, Materials Select Sector SPDR Fund is positioned for a downward move in the short term.

Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.