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May 25, 2023
After dropping down to $31.66, Financial Select Sector SPDR Fund recovers some losses and is currently trading at $31.87.
- United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.
- While flat so far today, Financial Select Sector SPDR Fund is on a 5 day bearish trend during which it lost 88 cents of its value.
United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts. Data for United States GDP released today at 12:30 UTC is better than expected with 1.3, but worse than previous figure of 2.6.
Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.1 and the lower is $31.46. Financial Select Sector SPDR Fund is approaching key support, around 24 cents away from $31.63. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Financial Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
United States Core Durable Goods Orders projected to come out at 0% — worse than previous data of 0.2%; data will be released tomorrow at 12:30 UTC. United States Core PCE Price Index (MoM) (Apr) is scheduled for tomorrow at 12:30 UTC.
Having closed the previous session at $305.38, NVIDIA is up 26.93% today to currently trade at around $387.63. TSM is up 11.08% to $100.11. AT&T is down to $15.23, losing 72.25 cents, after closing at $15.95 in the preceding trading session.
All in all, the fund has been on a negative trend for around a month. Having soared to a high of $37 approximately 3 months ago, Financial Select Sector SPDR Fund is now trading 13.89% lower.
