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April 05, 2023
Financial Select Sector SPDR Fund recovering almost all the way back to $31.91 today, after dipping down to $31.66.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
As the trading day comes to an end, chart analysis indicates Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 19 cents away from $31.63. Dipping below could be an indication that further losses are ahead. Japanese candlestick formations show a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
In the meantime, negative performances are also seen in other markets, Deere & Company crashes 6.27% to trade around $372.72.
Positive performances can be seen by looking at other markets as Johnson & Johnson is up 4.25%. UnitedHealth is up 3.57%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 198,000, data will be available tomorrow at 12:30 UTC.
The fund has been trending lower for about a month. Financial Select Sector SPDR Fund is now trading 8.49% below its 3-month high of $38.05.
