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May 13, 2023
Yesterday at a glance: Financial Select Sector SPDR Fund dipped as low as $31.69 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($32.24) with Financial Select Sector SPDR Fund closing the day at $31.9.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Analysis of Financial Select Sector SPDR Fund's recent price action suggests Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 25 cents away from $31.65. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that Financial Select Sector SPDR Fund made an initial break below its 3 day Simple Moving Average at $32.12, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $31.41, a low enough level to, generally, suggest that Financial Select Sector SPDR Fund is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Financial Select Sector SPDR Fund will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Diageo lost 2.58% yesterday and closed at $182.94. After ending yesterday's session at $87.89, Alibaba lost $2.55 and is trading around $85.34.
Positive performances can be seen by looking at other markets as NextEra Energy added 2.44% and closed around $76.1 yesterday.
Financial Select Sector SPDR Fund has shed 13.53% over the past three months.
