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June 29, 2023- Energy Select Sector SPDR Fund broke 37 cents above key handle at $80.32 with more upside now expected
- Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal
Energy Select Sector SPDR Fund is on a 4 day uptrend, gaining a total of 3.35%. This session seems to remain in the same lane for now — Energy Select Sector SPDR Fund trades at $79.95 after gaining 22 cents (0.28%).
Having set a significant high of $94.08 7 months ago, Energy Select Sector SPDR Fund is trading 15.25% lower.
Energy Select Sector SPDR Fund broke through the $80.32 resistance, climbing 37 cents above it. The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Overall, looking at the technical analysis landscape, it seems Energy Select Sector SPDR Fund might continue pointing upwards in the short term.
Fundamental indicators – Pending Home Sales in United States fell short of market expectations (0.2%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
Other markets are also showing gains as JP Morgan Chase rallies 2.39% to trade around $141.9. Goldman Sachs is up 3.04%. Wells Fargo & Company added 2.66% to its value, now trading at $41.7.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
