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May 18, 2023
Struggling to find upward momentum, Financial Select Sector SPDR Fund has shed 8.5 cents to currently trade at $32.41 as it ranges between $32.32 and $32.59 so far today.
Financial Select Sector SPDR Fund is currently trading at $32.41 following the release of Existing Home Sales (Apr) data from the United States.
On the flip side, data for United States Initial Jobless Claims published today at 12:30 UTC came out at 242,000, beating projections of 254,000 and showing improvement over the preceding figure of 264,000.
Meanwhile, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 25 cents away from $32.16. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Financial Select Sector SPDR Fund peaked above its 21 day Simple Moving Average around $32.49 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Financial Select Sector SPDR Fund might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Procter & Gamble is down to $152.02, losing $3.06, after closing at $155.08 in the preceding trading session. After ending yesterday's session at $90.68, Alibaba lost $3.33 and is trading around $87.35.
Other assets are showing positive performances as Netflix shoots up 9.97% to trade around $373.85.
Furthermore, United States Fed Chair Powell speech is expected tomorrow at 15:00 UTC.
3 months ago Financial Select Sector SPDR Fund reached a significant high of $37 but has consequently lost 12.16% since then.
