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May 31, 2023
After ending the previous trading day at $72.59, Consumer Staples Select Sector SPDR Fund went up to $72.81 only to drop back; still positive overall today, now trading at $72.72.
- Consumer Staples Select Sector SPDR Fund is currently trading at $72.72 following the release of JOLTs Job Openings (Apr) data from the United States.
- In contrast to today's gains, Consumer Staples Select Sector SPDR Fund has been on a 17 day bearish trend during which it lost $4.59 of its value.
United States JOLTs Job Openings (Apr) released today at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million. Highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates Consumer Staples Select Sector SPDR Fund is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Consumer Staples Select Sector SPDR Fund's lower Bollinger Band® is at $72.39, indicating that the market is oversold and fertile for new buyers. A study of Consumer Staples Select Sector SPDR Fund's historical price actions shows Consumer Staples Select Sector SPDR Fund could be slowing down soon; it is getting close to the resistance line and is now at $73.06, only 34 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
All in all, the technical analysis suggests Consumer Staples Select Sector SPDR Fund has no clear-cut direction.
United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million, having previously been at -12.46 million. The figure will be published tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC.
Wells Fargo & Company is down $1.54 from the beginning of the session and now trades around $39.44. Intel gained 4.11% and is currently trading at $31.22. Verizon jumps 2.04% to trade around $35.61.
All in all, the fund has been on a negative trend for around 30 days. Consumer Staples Select Sector SPDR Fund is now trading 6.34% below the significant high of $77.5 it set around 30 days ago.
