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May 23, 2023
With a daily low of $32.46, Financial Select Sector SPDR Fund closed yesterday at $32.66, after ending Friday at $32.6 and gaining 6 cents (0.18%).
- United States Building Permits is next today at 12:00 UTC.
- Yesterday's gains added to Financial Select Sector SPDR Fund's bullish trend that has lasted for 5 days so far, during which it increased a total of 74 cents.
Here is the technical analysis of Financial Select Sector SPDR Fund before macro data is released:
Despite posting gains on yesterday, Financial Select Sector SPDR Fund slid below its 3 day Simple Moving Average at $32.61 during the last session — an early indicator that a negative trend could be emerging. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.17, this is a slight indication of a slowdown. Financial Select Sector SPDR Fund is 15 cents away from testing key resistance at $32.81. Peaking above this level could inspire market bulls and open the path to further gains.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Financial Select Sector SPDR Fund is set for a reversal in the coming days.
Coming up for Financial Select Sector SPDR Fund — projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC. United States New Home Sales (Apr) scheduled to come out today at 14:00 UTC.
As the markets get ready for more data to be released — Pfizer went up by 5.38% yesterday, and closed at $38.75. Nike lost 4% yesterday and closed at $114.76. Procter & Gamble lost 2.62% yesterday and closed at $153.17.
The fund has been trending lower for about a month. Having soared to a high of $37 approximately 3 months ago, Financial Select Sector SPDR Fund is now trading 11.89% lower.
