ETF Tech Summary | Downbeat price action pushes Energy Select Sector SPDR Fund to explore further downside

• The CCI indicator has fallen below -100 – a bearish signal
• RSI indicates market is oversold after falling below 30

Having fallen $9.1 in 6 days, Yesterday's session continued the recent downtrend: Energy Select Sector SPDR Fund slumps 1.65% to close at $76.91 yesterday.

The fund has been trending lower for about a month. Energy Select Sector SPDR Fund has fallen back around 16.88% from the significant high of $94.08 set 4 months ago.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at $79.37 suggests further losses may follow for Energy Select Sector SPDR Fund. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Energy Select Sector SPDR Fund's case, the index has fallen below 30, signalling that the asset is oversold.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Energy Select Sector SPDR Fund to extend its recent losses.

In the meantime, negative performances are also seen in other markets, HSBC Holdings lost 4.09% yesterday and closed at $34.49. After ending yesterday's session at $204.93, Meta Platforms lost $9.32 and is trading around $195.61. Berkshire Hathaway dips 2.81% yesterday and closed at $302.