A quick look at yesterday: Arrow Electronics recovered all the way back up to $109.38 after dipping down to $108.79.
United States Building Permits is next today at 13:00 UTC.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -4.8 million, while the previous figure was -5.83 million. Fresh 7-Year Note Auction data from United States came out at 3.89.
Arrow Electronics, Inc. could be slowing down soon as it approaches resistance at $109.74. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Arrow Electronics slid below its 5 day Simple Moving Average at $108.91 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $113.19, thereby suggesting that Arrow Electronics is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Arrow Electronics is set for a reversal in the coming days.
A look at other technology stocks also showed bullish price action as Intuit was up 4.59%. NVIDIA traded at $160.38 after closing yesterday's trading day at $153.17 (up 4.71%). Intel added 3.04% to its value, and traded at $29.82.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million. It previously stood at -5.4 million; data will be released today at 15:30 UTC.
Elsewhere, United States New Home Sales (Oct) is scheduled for today at 15:00 UTC.
The stock has been trending positively for about a month. Having set a significant high of $136.08 a month ago, the Colorado-based electronics company is trading 18.61% lower.