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June 07, 2023
Consumer Staples Select Sector SPDR Fund recovering almost all the way back to $72.97 today, after dipping down to $72.28.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
Amid the market gloom, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Visual analysis of Consumer Staples Select Sector SPDR Fund's chart shows that Consumer Staples Select Sector SPDR Fund could begin to recover as it approaches significant support, now 69 cents away from $72.02. Dipping below could be an indication that further losses are ahead.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $127.91, Alphabet lost $4.44 and is trading around $123.47. After ending yesterday's session at $448.49, Intuit lost $21.91 and is trading around $426.58. After ending yesterday's session at $126.61, Amazon lost $4.12 and is trading around $122.49.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released tomorrow at 12:30 UTC.
All in all, the fund has been on a negative trend for around a month. A month ago Consumer Staples Select Sector SPDR Fund reached a significant high of $77.5 but has consequently lost 5.85% since then.
