ETF Tech Brief | Bearish Energy Select Sector SPDR Fund set up for a reversal

• Lower Bollinger Band® at around $82.38

4 days of flat trading were interrupted with a selloff, Today's session suggests a further slowdown — Energy Select Sector SPDR Fund is down to $84.05, after ending yesterday at $84.91. Overall, a 1% loss or 86 cents today.

Over the past 3 months, Energy Select Sector SPDR Fund has retreated 9.75% from a noteworthy peak of $94.08.

Energy Select Sector SPDR Fund's lower Bollinger Band® is at $82.38, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Despite suffering losses in today's session, technical analysis is indicating that Energy Select Sector SPDR Fund will undergo a significant bounce in the immediate term.

Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 108.5 with a reading of 102.9.

In the meantime, negative performances are also seen in other markets, Merck is down $2.47 from the beginning of the session and now trades around $106.89.

Positive performances can be seen by looking at other markets as Meta Platforms surges 3.67% to trade around $175.76. Abbott Laboratories gained 2.33% and is now trading at $102.09.

Upcoming fundamentals: tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.