Continuing its four day losing streak, Industrial Select Sector SPDR Fund further drops by 0.23% to close at $100.61

A quick look at yesterday: a tough session dominated by bearish sentiment left XLI 23 cents lower, while setting a $100.22 to $101.17 session range.

While price action maintains a negative bias, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.

Industrial Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $100.68, a possible indication of a forthcoming negative trend. Industrial Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $100.35. Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $102.09 which indicates a further downward move may follow. On the other hand, note that Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 45 cents away from $100.16. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Industrial Select Sector SPDR Fund to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Industrial Select Sector SPDR Fund is expected to attract significant bearish sentiment in the coming days.

Positive performances can be seen by looking at other markets as Procter & Gamble is trading around $156.07 after ending yesterday's session at $150.85 (up 3.46% today). Novo Nordisk went up by 4.4% yesterday, and closed at $172.65. SAP went up by 5.59% yesterday, and closed at $133.95.

Industrial Select Sector SPDR Fund has recovered 21.73% since descending to a significant low of $82.84 around 6 months ago.