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April 25, 2023
Today at a glance: without a clear direction, Consumer Staples Select Sector SPDR Fund closed at $76.78 while ranging between $76.69 and $77.37.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
This uncertain state for Consumer Staples Select Sector SPDR Fund is reflected by published market data as United States New Home Sales (Mar) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Consumer Confidence published today at 14:00 UTC came out at 101.3, falling short of the 104 projections and continuing its decline from the previous 104 figure. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
Consumer Staples Select Sector SPDR Fund chart analysis: Consumer Staples Select Sector SPDR Fund is approaching key support, around 12 cents away from $76.66. 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. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Consumer Staples Select Sector SPDR Fund is in an overbought condition. Asset volatility analysis shows that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $77.1, suggesting that a downward move may follow.
Notwithstanding Consumer Staples Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While Consumer Staples Select Sector SPDR Fund was pretty flat today, mixed performances were seen elsewhere as after ending today's session at $195.85, United Parcel Service lost $19.56 and is trading around $176.29. Novartis is trading around $104.04 after ending today's session at $100.59 (up 3.43% today). Thermo Fisher Scientific drops 4.51% today and closed at $574.3.
Data to be released tomorrow might clear up some of the market fog as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around 6 months ago, but has since recovered 15.61%.
