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April 17, 2023
Currently trading at $32.95, Financial Select Sector SPDR Fund remains range-bound between $32.72 and $33.
At the same time, United States NY Empire State Manufacturing Index (Apr) came out at 10.8, while a consensus of analysts was expecting -18.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Financial Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $33, thereby suggesting that Financial Select Sector SPDR Fund is becoming overvalued. Financial Select Sector SPDR Fund's notable support and resistance levels: although Financial Select Sector SPDR Fund is appreciating today after rising as high as $33, price action is now slowing and consolidating around 16 cents below the $33.11 resistance level.
Notwithstanding Financial Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as having closed the previous session at $39.64, Wells Fargo & Company is up 2.73% today to currently trade at around $40.72.
At the same time, Alphabet is down $3.69 from the beginning of the session and now trades around $105.77. After ending Friday's session at $666.2, ASML Holding lost $32.03 and is trading around $634.17.
The market is looking forward to the release of new data: United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
The fund has been trending positively for about a month. Financial Select Sector SPDR Fund has shed 8.36% over the past three months.
