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June 16, 2023
Stable at $105.46 and still trending upwards, Today's session might suggest a slow down — Industrial Select Sector SPDR Fund is now trading at $105.46 after tracing out a steady $105.28 – $106.6 range today.
This uncertain state for Industrial Select Sector SPDR Fund is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Following today's trading session, chart analysis suggests Industrial Select Sector SPDR Fund is approaching key support, around $1.02 away from $104.44. 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. 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. Momentum evaluation shows that the Relative Strength Index indicates Industrial Select Sector SPDR Fund is in an overbought condition. Asset volatility analysis shows that Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $106.28, suggesting that a downward move may follow.
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.
At the same time, mixed performances are seen elsewhere as Toyota dips 2.21% to trade around $164.47. After ending yesterday's session at $92.94, Walt Disney lost $1.94 and is trading around $91.
The past 3 months have been positive for Industrial Select Sector SPDR Fund as it added 8.85% compared to its 3-month low of $82.84.
