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May 23, 2023
As the current session draws to a close, Industrial Select Sector SPDR Fund remains in the $98.39 – $99.6 range after dropping 0.99%.
Industrial Select Sector SPDR Fund is currently trading at $98.77 following the release of Fed Chair Powell speech data from the United States.
While price action maintains a negative bias, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released today at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6. United States Building Permits released today at 12:00 UTC with a figure of 1.15 million, while the previous figure was 1.43 million.
Industrial Select Sector SPDR Fund made an initial break below its 50 day Simple Moving Average at $99.06, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $98.94 currently serving as support. If price action breaks below, the next Fib hurdle is $98.36. Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $100.7 which indicates a further downward move may follow. On the other hand, note that Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 24 cents away from $99. Dipping below could be an indication that further losses are ahead.
Looking forward, Industrial Select Sector SPDR Fund is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $170.52, Novo Nordisk lost $7.45 and is trading around $163.07. Stryker drops 4.03% to trade around $274.62. Visa Inc. dips 2.72% to trade around $224.98.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million.
Furthermore, United States FOMC Meeting Minutes scheduled to come out tomorrow at 18:00 UTC.
Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 7 months ago, but has since recovered 20.42%.
