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March 06, 2023
Without a clear-cut direction, Industrial Select Sector SPDR Fund is trading around $103.55 and ranging between $103.43 and $104.18.
Industrial Select Sector SPDR Fund's state is reflected by market data as data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Trend analysis indicates that investors are seeking long positions as Industrial Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $104.21, suggesting that a downward move may follow. Industrial Select Sector SPDR Fund's notable support and resistance levels: Industrial Select Sector SPDR Fund is approaching key support, around 78 cents away from $102.76. 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.
Overall, while Industrial Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While Industrial Select Sector SPDR Fund is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $106.88, Merck is up 3.77% today to currently trade at around $110.91. Apple surges 2.25% to trade around $154.43. After ending Friday's session at $75.18, Rio Tinto lost $2.55 and is trading around $72.64.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell testimony scheduled to come out tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The fund has been trending positively for about a month. After hitting an important low of $82.84 approximately 5 months ago, Industrial Select Sector SPDR Fund has bounced back 25.14% since.
