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June 22, 2023
Today at a glance: a tough session dominated by bearish sentiment left XLF 26 cents lower, while setting a $32.77 to $33.09 session range.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
Data from United States concerning Crude Oil Inventories was released today at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 7.92 million to -3.83 million this month. United States Initial Jobless Claims fell short of the 260,000 projections, with new data of 264,000.
Amid the market gloom, United States Existing Home Sales (May) released today at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Price action remains constrained around the key Fibonacci level of $32.93 currently serving as support. If price action breaks below, the next Fib hurdle is $32.7. Despite this, Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 14 cents away from $32.74. Dipping below could be an indication that further losses are ahead.
In the short term, Financial Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Boeing lost 3.05% today and closed at $212.08.
Positive performances can be seen by looking at other markets as Amazon went up by 4.26% today, and closed at $130.15. Alphabet is trading around $123.87 after ending today's session at $121.26 (up 2.15% today).
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
The fund has been trending positively for about a month. Over the past 4 months, Financial Select Sector SPDR Fund has retreated 10.43% from a noteworthy peak of $37.
