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June 27, 2023
After dropping down to $73.66, Consumer Staples Select Sector SPDR Fund recovers some losses and is currently trading at $73.88.
- New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
- Consumer Staples Select Sector SPDR Fund has been pretty quiet for the last 5 days, trading mostly flat and moving by only 6 cents on average.
United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000. United States Consumer Confidence came out at 109.7, better than analyst estimates of 104 and improving upon the previous reading of 102.5.
As the day gets underway, chart analysis suggests Consumer Staples Select Sector SPDR Fund is approaching key support, around 42 cents away from $73.46. 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 Consumer Staples Select Sector SPDR Fund made an initial breakout above its 10 day Simple Moving Average at $73.89, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Consumer Staples Select Sector SPDR Fund's upper Bollinger Band® is at $74.7, suggesting that a downward move may follow.
Overall, technical indicators suggest Consumer Staples Select Sector SPDR Fund has no obvious direction for the immediate future.
United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Fed Chair Powell speech set for tomorrow at 13:30 UTC.
Thermo Fisher Scientific drops 2.48% to trade around $509.06. Meta Platforms is up 2.21%. Lowe's is up 2.24%.
A month ago Consumer Staples Select Sector SPDR Fund reached a significant high of $77.5 but has consequently lost 4.67% since then.
