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February 22, 2023
Financial Select Sector SPDR Fund is down to $35.55, after ending yesterday at $35.64. Overall, a 0.27% loss or 9.5 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Technical analysis trend indicators suggest that 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $35.69, a low enough level to, generally, suggest that Financial Select Sector SPDR Fund is trading below its fair value. As the day gets underway, chart analysis suggests Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 18 cents away from $35.37. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Financial Select Sector SPDR Fund will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Rio Tinto drops 4.39% to trade around $72.07. BHP Billiton falls 3.73% to trade around $63.8. Exxon Mobil closed at $108.76 (down 2.17%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The fund has been trending positively for about 2 months. Having set a significant low of $30.29 4 months ago, Financial Select Sector SPDR Fund is trading 17.66% higher.
