ETFMG Sit Ultra Short ETF's bearish run has lasted 3 days so far (-31 cents). More of the same from yesterday's session: ETFMG Sit Ultra Short ETF falls 0.1% to close at $47.79 yesterday.
Amid the market gloom, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
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. Analysis based on the asset volatility indicates that ETFMG Sit Ultra Short ETF's lower Bollinger band is at $47.77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests ETFMG Sit Ultra Short ETF is likely to remain muted for the immediate future, with no clear-cut direction.
Positive performances can be seen by looking at other markets as ARK Innovation ETF is trading around $36.38 after ending yesterday's session at $34 (up 7.03% today).
Also yesterday, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) is scheduled for tomorrow at 12:30 UTC.
Having set a significant high of $49.71 a day ago, ETFMG Sit Ultra Short ETF is trading 0.1% lower.