A quick look at today: despite the risk-off mood, Etsy was range-bound between $118.55 to $123.32 and settled at $119.48.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. Fresh CFTC Gold speculative net positions data from United States came out at 116,100. United States CFTC Nasdaq 100 speculative net positions came out at 3,000.
Etsy, Inc. made an initial break below its 3 day Simple Moving Average at $119.86, a possible indication of a forthcoming negative trend. In contrast, Etsy could begin to recover as it approaches significant support, now $1.15 away from $118.33. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Etsy to extend its recent losses.
Etsy was not the only decliner in the consumer discretionary sector; Walt Disney dips 3.22% today to close at $98.87. Home Depot closed at $318.92 (down 2.29%). Toyota went down 1.19%, closed at $148.27.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Consumer Confidence are set for a continuation of decline with 100 while previous data was 102.5; data will be released tomorrow at 15:00 UTC.
The e-commerce company reached a significant high of $281.48 around 11 months ago but has lost 57.26% since then.