A quick look at yesterday: after ending yesterday at $119.6, the electronics company recovers back to $119.39 after dipping down to $117.91 earlier today.
United States New Home Sales (Jan) is next.
This uncertain state for Arrow Electronics is reflected by published market data as United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. Highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. Following a previous reading of 3.2, GDP in United States released yesterday at 13:30 UTC fell short of the 2.9 figure expected by analysts with an actual reading of 2.7.
Arrow Electronics, Inc. made an initial break below its 3 day Simple Moving Average at $121.03, a possible indication of a forthcoming negative trend. On the other hand, note that Arrow Electronics is approaching key support, around $1.63 away from $117.76. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Arrow Electronics is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other technology stocks as NVIDIA was up 14%. TSM was up 3.74%. Oracle gained 2.62%, as it traded at $88.58.
Data to be released today might clear up some of the market fog as United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
Over the past 22 days, the electronics company has retreated 9.76% from a noteworthy peak of $132.53.