Health Care Select Sector SPDR Fund dives below key support at $128.71

• Price action breaks below important support level at $128.71
• Falling prices have precipitated Health Care Select Sector SPDR Fund's approach to its lower Bollinger Band® at $126.06

Health Care Select Sector SPDR Fund drops $1.81 early on and steadies around the $127.31 level.

The fund has been trending lower for about 2 months. The current year has not been the best for Health Care Select Sector SPDR Fund as it lost 4.69% from its highest point of $142.83.

Chart analysis suggests Health Care Select Sector SPDR Fund broke through the $128.71 support line and dropped $1.41 below it. Concerning technical analysis and more specifically, trend indicators, Health Care Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $128.71, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Health Care Select Sector SPDR Fund's lower Bollinger Band® is at $126.06, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Health Care Select Sector SPDR Fund will remain range-bound for the immediate future.

Fundamental indicators – data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

In the meantime, negative performances are also seen in other markets, Wells Fargo & Company is trading around $44.87 (down $1.76). CVS Health is down to $80.55, losing $2.42, after closing at $82.97 in the preceding trading session. After ending yesterday's session at $318.96, Eli Lilly and Company lost $8 and is trading around $310.96.

Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -308,000, following on from the preceding figure of 1.17 million. New data is set to be published tomorrow at 15:30 UTC.