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June 25, 2023
Friday at a glance: Financial Select Sector SPDR Fund dipped as low as $32.52 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($32.63) with Financial Select Sector SPDR Fund closing the day at $32.74.
Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 37 cents away from $32.37. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Financial Select Sector SPDR Fund peaked above its 50 day Simple Moving Average around $32.66 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Financial Select Sector SPDR Fund —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Toyota is down to $153.38, losing $3.73, after ending the previous session around $157.11. Accenture plc Class A (Ireland) dips 2.87% Friday and closed at $307.25. Astrazeneca PLC is down to $72.12, losing $1.83, after ending the previous session around $73.95.
The fund has been trending positively for about a month. Having set a significant high of $37 4 months ago, Financial Select Sector SPDR Fund is trading 11.14% lower.
