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June 27, 2023
Tentatively higher from an earlier low of $32.71, Financial Select Sector SPDR Fund is up to $32.88 today, adding 20.5 cents, or 0.63%, to yesterday's closing price of $32.67.
New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
Financial Select Sector SPDR Fund upside coincides with further encouraging market factors as highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. United States Core Durable Goods Orders beat analyst expectations of -0.1% and the previous reading of -0.6% with new data of 0.6%.
Meanwhile, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.
Financial Select Sector SPDR Fund broke through the $32.88 resistance, climbing 21 cents above it. Financial Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $32.83, a potential indicator of a newly emerging bullish phase.
Examining the technical analysis landscape, Financial Select Sector SPDR Fund might continue its downtrend in the short term.
Financial Select Sector SPDR Fund shows positive signs, other assets are also on par: having closed the previous session at $278.47, Meta Platforms is up 2.73% today to currently trade at around $286.07. Lowe's gained 2.49% and is currently trading at $223.39.
At the same time, Thermo Fisher Scientific is trading around $507.43 (down $14.6).
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million, having previously been at -3.83 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Fed Chair Powell speech will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. 4 months ago Financial Select Sector SPDR Fund reached a significant high of $37 but has consequently lost 11.7% since then.
