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April 11, 2023
XLP got off to a strong start by gaining 40.5 cents (+0.54%), only to run out of steam later in the session around $75.79. Currently, XLP is trading around the $75.77 level.
Consumer Staples Select Sector SPDR Fund is currently trading at $75.77 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Technical chart analysis shows Consumer Staples Select Sector SPDR Fund broke through the $75.61 resistance and climbed 15 cents above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Consumer Staples Select Sector SPDR Fund's case, the RSI has fallen below 30, indicating the asset is oversold. Asset volatility analysis shows that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $76.25, this is a slight indication of a slowdown.
Notwithstanding Consumer Staples Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as BHP Billiton is up 4.11%. Rio Tinto gained 4.24% and is now trading at $70.04. Caterpillar jumps 2.74% to trade around $221.43.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The fund has been trending positively for about a month. Consumer Staples Select Sector SPDR Fund hit a significant low of $66.5 around 6 months ago, but has since recovered 13.32%.
