A quick look at yesterday: an influx of sellers pushed the Brazilian wealth manager to end the session lower around $11.51, while establishing a $11.48 to $11.84 session range yesterday.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000.
Amid the market gloom, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Despite this, XP could begin to recover as it approaches significant support, now 13 cents away from $11.38. 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 XP to extend its recent losses.
XP was not the only decliner in the financials sector; Wells Fargo & Company lost 1.89% yesterday and closed at $45.8.
On the other hand, positive performances could be seen by looking at other financials stocks as Royal Bank Of Canada added 1.92% to its value, and traded at $100.22. Berkshire Hathaway was up 1.03%.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
Pointing downwards for around a month. The Brazilian wealth manager is up 3.74% from the significant low of $11.51 it hit a day ago.