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May 31, 2023
Industrial Select Sector SPDR Fund drops $1.56 early on and steadies around the $96.63 level.
Industrial Select Sector SPDR Fund is currently trading at $96.63 following the release of JOLTs Job Openings (Apr) data from the United States.
On the flip side, positive data for Industrial Select Sector SPDR Fund released earlier when data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.
While price action maintains a negative bias, United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States OPEC Crude Oil Production Algeria (Barrel) released today at 14:15 UTC with a figure of 960,000, while the previous figure was 1,000,000.
Industrial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 55 cents away from $97.18. Dipping below could be an indication that further losses are ahead. Industrial Select Sector SPDR Fund made an initial break below its 200 day Simple Moving Average at $97.26, a possible indication of a forthcoming negative trend. A crossing of the lower Bollinger Band® at $96.89 suggests further losses may follow for Industrial Select Sector SPDR Fund.
In the short term, Industrial Select Sector SPDR Fund is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Wells Fargo & Company is down to $39.45, losing $1.52, after closing at $40.98 in the preceding trading session. Home Depot is down to $282.35, losing $7.96, after closing at $290.31 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $34.9, Verizon is up 2.4% today to currently trade at around $35.74.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 229,000; data will be released tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) scheduled to come out tomorrow at 12:15 UTC.
Trading mostly sideways for a month. Industrial Select Sector SPDR Fund hit a significant low of $82.84 around 7 months ago, but has since recovered 18.53%.
