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April 27, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left XLF 31 cents lower, while setting a $32.12 to $32.66 session range.
United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -5 million, falling short of the -1.49 million projections and continuing its decline from the previous -4.58 million figure.
In contrast, positive data for Financial Select Sector SPDR Fund reported earlier when highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%.
Amid the market gloom, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Technical analysis shows that Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 23 cents away from $32.03. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Financial Select Sector SPDR Fund made an initial break below its 21 day Simple Moving Average at $32.43, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $31.45, a low enough level to, generally, suggest that Financial Select Sector SPDR Fund is trading below its fair value.
Overall, the technical outlook suggests Financial Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, NextEra Energy crashes 4.82% yesterday and closed at $77.82. Raytheon Technologies drops 3.37% yesterday and closed at $101.09.
Positive performances can be seen by looking at other markets as Microsoft is trading around $295.37 after ending yesterday's session at $275.42 (up 7.24% today).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to come out at 0.5% — worse than previous data of 0.8%; data will be released today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.
The fund has been trending positively for about a month. Financial Select Sector SPDR Fund has fallen back around 11.97% from the significant high of $37 set 2 months ago.
