Yesterday at a glance: down on the day: iShares iBoxx $ Investment Grade Corporate Bond ETF closed at $105.41 after ranging between $105.15 and $106.17.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in iShares iBoxx $ Investment Grade Corporate Bond ETF are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.
Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
IShares iBoxx $ Investment Grade Corporate Bond ETF made an initial break below its 10 day Simple Moving Average at $105.76, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $105.43 by around 2 cents with prices hammering out a $105.15 – $106.17 range by session close. On the other hand, note that iShares iBoxx $ Investment Grade Corporate Bond ETF could begin to recover as it approaches significant support, now 43 cents away from $105. Dipping below could be an indication that further losses are ahead.
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.
In the meantime, negative performances are also seen in other markets, Merck falls 2.69% yesterday and closed at $111.27. AbbVie dips 2.18% yesterday and closed at $152.93.
Positive performances can be seen by looking at other markets as NVIDIA went up by 3.83% yesterday, and closed at $241.81.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to decline to 195,000 while previous data was 190,000; data will be released today at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF is now trading 3.89% below its 3-month high of $121.81.