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March 09, 2023
After closing at $72.13 yesterday, Consumer Staples Select Sector SPDR Fund opened today at $72.41, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Consumer Staples Select Sector SPDR Fund retains a distinct $71.93 to $72.53 daily range.
Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.
Amid the market gloom, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.
Analysis of Consumer Staples Select Sector SPDR Fund's recent price action suggests Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 19 cents away from $71.81. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Consumer Staples Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $72.38, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $72.06 serving as intraday support. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $71.52, a low enough level to, generally, suggest that Consumer Staples Select Sector SPDR Fund is trading below its fair value.
Overall, the technical outlook suggests Consumer Staples Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $76.2, The Charles Schwab lost $5.17 and is trading around $71.03. JP Morgan Chase falls 3.59% to trade around $132.85.
Other assets are showing positive performances as having closed the previous session at $87, General Electric is up 7.48% today to currently trade at around $93.49.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls projected to come out at 205,000 — worse than previous data of 517,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
All in all, the fund has been on a negative trend for around a month. Consumer Staples Select Sector SPDR Fund is now trading 5.69% below its 3-month high of $80.57.
