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May 17, 2023
- Buoyed by a strong session amid an uptrend, Communication Services Select Sector SPDR Fund is 1 cents away from testing key resistance at $60.17
- The lower Bollinger Band® was crossed by Consumer Staples Select Sector SPDR Fund at $75.88.
Technical chart analysis shows Communication Services Select Sector SPDR Fund's run now faces a challenge at $60.17, which is only 1 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Trend and momentum analysis indicates that Communication Services Select Sector SPDR Fund's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Communication Services Select Sector SPDR Fund's upper Bollinger Band® is at $61.
Notwithstanding Communication Services Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Trend-following investors would be interested to note that SPDR Portfolio Intermediate Term Corporate Bond ETF's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Asset volatility analysis shows that the lower Bollinger Band® of SPDR Portfolio Intermediate Term Corporate Bond ETF is at $32.22. Technical analysis of SPDR Portfolio Intermediate Term Corporate Bond ETF's past price action reveals multiple support and resistance levels: a persuasive break of this target could lead to higher losses.
For the time being, SPDR Portfolio Intermediate Term Corporate Bond ETF remains flat without a clear direction.
Consumer Staples Select Sector SPDR Fund's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Consumer Staples Select Sector SPDR Fund crossed the lower Bollinger Band® at $75.88. Despite this, Consumer Staples Select Sector SPDR Fund's downtrend might be halted by its support level at $76.03, which is only 18 cents away.
Looking forward, Consumer Staples Select Sector SPDR Fund is poised to extend its strong downtrend and continue declining.
Fundamental indicators – data for United States Crude Oil Inventories published today at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (May) is scheduled for tomorrow at 12:30 UTC.
