| 
May 11, 2023
Financial Select Sector SPDR Fund recovering almost all the way back to $32.08 today, after dipping down to $31.75.
Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Following a previous reading of 242,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 245,000 figure expected by analysts with an actual reading of 264,000.
In contrast, positive data for Financial Select Sector SPDR Fund reported earlier when United States Crude Oil Inventories beat analyst expectations of -917,000 and the previous reading of -1.28 million with new data of 2.95 million.
Technical chart analysis shows Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 17 cents away from $31.74. Dipping below could be an indication that further losses are ahead. 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. Asset volatility analysis shows that Financial Select Sector SPDR Fund's lower Bollinger Band® is at $31.55, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Financial Select Sector SPDR Fund has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Walt Disney is down to $92.68, losing $8.46, after closing at $101.14 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $112.28, Alphabet is up 5.44% today to currently trade at around $118.39. Alibaba jumps 4.72% to trade around $86.87.
Having set a significant high of $37 3 months ago, Financial Select Sector SPDR Fund is trading 13.3% lower.
