Bearish Financial Select Sector SPDR Fund currently 7.43 cents lower after trading as low as $33.06

Financial Select Sector SPDR Fund recovering almost all the way back to $33.22 today, after dipping down to $33.06.

A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.74 which indicates a further downward move may follow. Despite this, Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 7 cents away from $33.08. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Financial Select Sector SPDR Fund to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Financial Select Sector SPDR Fund is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, AT&T is down to $17.52, losing 69.5 cents, after closing at $18.22 in the preceding trading session.

Other assets are showing positive performances as Medtronic jumps 4.26% to trade around $89.38. Having closed the previous session at $116, Exxon Mobil is up 2.28% today to currently trade at around $118.65.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Consumer Confidence are set for a continuation of decline with 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.

Furthermore, United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.

The fund has been trending positively for about a month. Approximately 2 months ago, Financial Select Sector SPDR Fund reached a significant high of $37 but has struggled to hold onto its gains and declined 10.22% since then.