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April 18, 2023
Industrial Select Sector SPDR Fund is rallying again to $100.88 (up 26 cents), after erasing earlier gains.
At the same time, United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure. United States Building Permits came out at -8.8%, while a consensus of analysts was expecting -6%.
Trend and momentum analysis indicates that investors are seeking long positions as Industrial Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Industrial Select Sector SPDR Fund's upper Bollinger Band® is at $101.86, this is a slight indication of a slowdown. Industrial Select Sector SPDR Fund's notable support and resistance levels: Industrial Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $101.81. Of course, crossing it might suggest further gains are ahead.
Overall, while Industrial Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as The Blackstone Group Inc. is up 3.96%. Lockheed Martin is up 2.21%.
Meanwhile, Johnson & Johnson closed at $161.57 (down 2.47%).
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.
Industrial Select Sector SPDR Fund is up 21.46% from the significant low of $82.84 it hit 6 months ago.
