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February 22, 2023
Industrial Select Sector SPDR Fund has been losing ground for 4 days, shedding a total of 2.61% of its value. Today is looking a bit better: Industrial Select Sector SPDR Fund trades at $100.73, after ending yesterday at $100.67.
United States FOMC Meeting Minutes is next.
This uncertain state for Industrial Select Sector SPDR Fund is reflected by published market data as United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Industrial Select Sector SPDR Fund is approaching key support, around 77 cents away from $99.97. 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. Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $104.13 and the lower is $99.91.
Despite muted price action in Industrial Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
While Industrial Select Sector SPDR Fund is pretty flat so far today, mixed performances are seen elsewhere as Rio Tinto dips 4.39% to trade around $72.07. BHP Billiton is down to $63.8, losing $2.47, after closing at $66.27 in the preceding trading session.
Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000. United States GDP is expected tomorrow at 13:30 UTC.
The fund has been trending positively for about a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 4 months ago, but has since recovered 21.52%.
