A quick look at yesterday: bearish sentiment ensured iShares 20+ Year Treasury Bond ETF finished yesterday's session lower. However, despite the downward bias, iShares 20+ Year Treasury Bond ETF etched out a distinct $97.94 to $99.66 session range.
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.
Technical analysis shows that iShares 20+ Year Treasury Bond ETF could begin to recover as it approaches significant support, now 62 cents away from $97.47. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, iShares 20+ Year Treasury Bond ETF peaked above its 5 day Simple Moving Average around $99.52 — typically an early indicator of a new bullish trend beginning to emerge. Momentum evaluation shows that the Relative Strength Index indicates iShares 20+ Year Treasury Bond ETF is in an oversold condition, which could precipitate a reversal and set up a new bullish phase.
With market volatility ebbing, the current technical outlook indicates iShares 20+ Year Treasury Bond ETF will remain range-bound for the immediate future.
Other assets are showing positive performances as ARK Innovation ETF is trading around $36.38 after ending yesterday's session at $34 (up 7.03% today). Amazon is trading around $113.79 after ending yesterday's session at $106.9 (up 6.45% today).
Also yesterday, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% yesterday and closed at $25.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.
Furthermore, United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
IShares 20+ Year Treasury Bond ETF hit a significant low of $98.09 around a day ago, but has since recovered 0.49%.